UK: ANM confirms Yorkshire Premier Meats management buy-in
UK farmer co-op ANM Group has supported a management buy-in of its subsidiary Yorkshire Premier Meats.
ANM said earlier this year it wanted to sell Yorkshire Premier Meat to "refocus on its traditional core business" of auction and valuation services, including its property portfolio.
A spokesperson for the company told just-food today (21 November) that a number of offers had been made for the unit but that the board felt a management buy-in was the best option.
"The ANM group is looking to de-risk itself from certain sectors. We made significant losses last year and we had a fairly substantial exposure to the meat industry so we're de-risking ourselves from that but still maintaining our link to the meat industry, which is what our members want," the spokesperson said.
The management buy-in team comprises ANM meat division managing director Jim Jaffray and ANM group finance director Keith McCall. Jaffray and McCall will hold a 75% stake, with ANM retaining the remaining 25%.
The spokesperson said there are unlikely to be any changes in the way the company is run following the buy-in.
"ANM will still have a minority stake in the business but it will be run by McCall and Jaffray," the spokesperson said..
In a statement, the company said: "The Yorkshire Premier Meats business has, in the course of 2012, been returned to a position of break-even trading and is enjoying good trading relationships with its main suppliers and customers."
- Nomad's post-Iglo opportunities
- Comment: Nestle reacts to world of 3G and Buffett
- Focus: Can Arla jump-start UK flavoured milk?
- What the analysts say: Nestle's Q1
- Why it is too early to call Unilever food revival
- Kerry Group launches Meateors meat snacks
- Arla to launch protein dairy drink in UK
- UPDATE: Iglo Foods sold to Nomad for EUR2.6bn
- Pork Farms' Kerry pastry deal nears green light
- McCormick to move roles to Poland