Meat and pastry product company Canterbury Foods has announced the proposed sale of its meat products business, a frozen burger and sausage businesses operated out of the group’s sites at Hull and Stoke to sausage manufacturer J&J Tranfield Ltd.
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Because of the size relative to group turnover of the meat products business, stock market rules require the meat products disposal to be approved by shareholders and a circular has today been sent to shareholders which provides further information on the meat products disposal and includes a notice of an extraordinary general meeting of the company to be held 22 December 2005.
Under the deal the purchaser, a wholly owned subsidiary of J&J Tranfield Limited, pays a total of GBP4.5m (US$7.8m) payable as to GBP4.2m on completion and GBP300,000 payable 24 months following completion.
