December 6 2013 Latest news:
Shaun Lowthorpe, Business editor
Tuesday, September 3, 2013
Bosses at Bernard Matthews today revealed they had secured a multi-million pound cash injection into the firm aimed at returning the business to profit.
In an announcement today Bernard Matthews Holdings Ltd said it successfully completed an investment from turnaround specialists Rutland Partners on August 30 - aimed at supporting the growth and development of the business.
Bernard Matthews, which had been seeking about £20m of investment, would not reveal the exact amount Rutland was sinking into the firm, but it said the deal brings the experience of Rutland Partners to the board and the senior management team, and provides a strong capital injection to enable Bernard Matthews to fund its growth plans and fulfil its business potential.
David Joll, executive chairman of Bernard Matthews, who returned to the business this year to try and oversee its turnaround, said: “We are delighted with the new partnership and warmly welcome Rutland Partners to the business. It has been well documented that we have been looking into a range of funding options to help develop the business, but we wanted a partner who understood the company and were committed to helping us grow. Rutland Partners fit this model perfectly, as from the outset they have seen real potential in the business.
“They also share our commitment to the importance of our farming heritage in Norfolk, Suffolk and Lincolnshire, our staff and to the brand, which has always been at the heart of the company.”
David Wingfield, Partner of Rutland, said: “We are excited to be investing in the leading turkey producer in the UK, which has such a widely recognised brand. We have been impressed by the energy and passion of the team at all levels of the business and are looking forward to the prospect of working with them under David’s leadership to enable the business to reach its full potential.”
As part of the new partnership agreement David Joll will remain as Executive Chairman with two members of Rutland Partnership joining the Holdings Board.