Doux is looking to leave administration in coming days

Doux is looking to leave administration in coming days

The Doux family has agreed a deal to sell French poultry business Groupe Doux to investment fund D&P and Saudi food distributor Almunajem.

D&P, controlled by French businessman Didier Calmels, is set to take a 52.5% stake in Doux, which is looking to exit administration this week after 17 months.

Under the terms of the deal, Almunajem, which distributes Doux's products in Saudi Arabia, will own 25% of the business.

The Doux family will retain a 22.5% stake. The agreement is subject to court approval of Doux's bid to leave administration. A court hearing is scheduled for tomorrow, with a ruling expected by the end of the week.

Doux entered administration last June with debts of EUR430m (US$581.2m). Commodity costs were a key factor in Doux amassing the debts although the company ran up around EUR200m in debts from a failed venture in Brazil.

In its time in administration, Doux has restructured the business, selling off plants and modernising others. It has said it has returned into the black.