Duff & Phelps is pleased to announce that it has recently completed the sale of the business and assets of Banham Poultry Limited and Banham Group Limited ("Banham" or "the Company") from Administration to Chesterfield Poultry Limited, a meat processor and wholesaler based in Derbyshire.
About the Company
Banham was a family run business, managing and operating a group of chicken rearing farms providing first-class laying flocks to the UK and export market. Banham Poultry Limited, based in Attleborough, handled processing and Banham Group Limited, based in Norfolk, was responsible for the rearing of poultry. The Company had been operating for over 50 years and was a leading independent producer in the market with a turnover of c.£150m, accounting for approximately 7% of the UK poultry market.
The Company suffered working capital difficulties due to increasing margin pressures from supermarket chains as a result of price competition, combined with increases in feed prices. In recent months, it undertook a number of capital projects designed to improve productivity in the longer-term, but these impacted short-term profitability, which in turn hit margin.
Duff & Phelps' Role
Allan Graham and Trevor Birch, Managing Directors at Duff & Phelps, were appointed Joint Administrators to Banham Poultry Limited and Banham Group Limited on 5 October 2018. Following their appointment, the Joint Administrators secured the sale of the businesses and its assets to Chesterfield Poultry Limited, saving both jobs and guaranteeing no breach of animal welfare regulations.
Allan Graham, Joint Administrator, stated: "The sale of the business – covering all assets, employees on permanent contracts, a hatchery, farms and processing plants at Banham – is a success. The swift conclusion of this sale has enabled Duff & Phelps to secure the future of over 1,100 employees, ensuring no break in processing and animal husbandry, guaranteeing the continued supply of high-quality poultry to the UK food industry."
Michael Foulger, Managing Director, Banham, stated: "The Foulger Family are very pleased to have secured a deal with Chesterfield Poultry to ensure the long-term future of Banham and secure the continued employment of a very loyal workforce, which was always at the forefront of any negotiations."
Nadeem Iqbal, CEO, Chesterfield Poultry Limited, commented: “We are delighted to welcome Banham into the Chesterfield family and look forward to continuing the legacy of the brand and quality poultry production in Attleborough."