Convenience food group Uniq has said it has completed the sale of its UK poultry business to Sovereign Food Group, a subsidiary of Grampian Country Food Group, for £11.84m (US$21.9m) in cash.
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Uniq announced in mid February that it intended to sell the business based at Rotherham and Driffield. Uniq said the sale proceeds will be used to reduce borrowings of the Uniq group.
Uniq said the profits attributable to the poultry business in the year ended 31 March 2003 were £1m after allocation of divisional and central costs of £4m, but the business had since become loss making. The book value of the tangible net assets of the poultry business was £20m as at 31 March 2003.
