The Doux family has ceded control of the processor

The Doux family has ceded control of the processor

Groupe Doux, the French poultry processor, has left administration after 18 months, after securing court backing for a change of ownership at the company.

A court in Quimper on Friday (29 November) approved Doux's "continuation plan", which includes investment fund D&P taking a majority stake in the company.

Doux entered administration last June with debts of EUR430m (US$582.6m). 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.

D&P, controlled by French businessman Didier Calmels, is set to take a 52.5% stake in Doux.

Almunajem, which distributes Doux's products in Saudi Arabia, will own 25% of the business. The Doux family will retain a 22.5% stake.

Doux said the business could "resume their conquest of new markets while reaffirming their leadership".