Over 1,000 jobs have been secured at Banham Poultry Limited and Banham Group Limited following a successful sale to Chesterfield Poultry Limited by Duff and Phelps.
Allan Graham and Trevor Birch, both of finance service company Duff and Phelps, were appointed joint administrators to Banham Poultry and Banham Group on 5 October 2018. Banham Poultry handled processing and Banham Group was responsible for the rearing of poultry. On appointment, the joint administrators secured the sale of the businesses, saving both jobs and guaranteeing no breach of animal welfare regulations.
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. It has been operating in Norfolk for over 50 years and was a leading independent producer in the market with a turnover of circa £150m, accounting for roughly 7% of the UK poultry market.
The company produces its own chicks, hatches them and rears them all the way through to slaughter. It supplies chickens to major supermarkets, stores and wholesalers throughout the UK. It runs its own transport department covering live transport, chilled and frozen distribution It also operates with third party companies in the export market.
Processing takes place at its Attleborough plant some 12 miles from Norwich. The business is the largest employer in Breckland, Norfolk employing over 1,000 workers.
Over the past couple of months, the business has been exploring a number of options to ensure the survival of the business. Duff and Phelps secured the sale of the business and its assets to Derbyshire-based firm Chesterfield Poultry. The business specialises in chicken production and its products are sold in grocery stores and small supermarkets around the UK, processing over 1,200,000 birds a week.
Allan Graham, joint administrator, said: “The business has faced a perfect storm in recent months, with increasing margin pressures from supermarket chains as a result of price competition, combined with increases in feed prices. It had been undertaking a number of capital projects designed to improve productivity in the longer term but these have impacted short term profitability which in turn has hit margin.”
Michael Foulger, MD of Banham Poultry added: “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.”
“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,” added Nadeem Iqbal, CEO of Chesterfield Poultry.