The UK's MS Foods is to acquire a stake in embattled French poultry exporter, Tilly-Sabco, following a ruling by the Brest Tribunal de Commerce earlier today (5 December).  

The Luton-based company beat off competition from three other bids and has teamed up with Brittany investment fund Breizh Algue Invest and the Morlaix Chamber of Commerce. 

Under the agreement, the three will each take a 33% stake in Tilly-Sabco.

Its takeover plans make provision to retain 202 of the 322 staff on Tilly-Sabco's payroll. CEO Daniel Sauvaget is set to continue at the helm for the time being.

The new Tilly-Sabco will focus production on fresh chicken fed on seaweed as well as frozen chicken and sausages. The bid had received the support of Tilly Sabco's works council.  

Tilly-Sabco largely attributed its difficulties to the end of EU subsidies to poultry exporters. In January, it suspended its export activity which reportedly accounted for around 90% of its business.