SPECIALIST turnaround firm Rutland Partners has bought a stake in turkey producer Bernard Matthews.
As a result of the deal Rutland partners David Wingfield and Paul Cartwright will gain seats on the board. Financial terms of the transaction were not disclosed, but Rutland is believed to have paid around £25m for the stake.
The group, which grew to prominence under founder Bernard Matthews’ high profile “bootiful” advertising campaign in the 1980s, said in May that it was seeking to tap external capital so that it could accelerate its growth strategy.
David Joll, executive chairman of Bernard Matthews, will continue in the role post the investment. He said the fresh funding would enable it to help the firm grow as well as create new products.
Bernard Matthews, who died three years ago, set up the farm in 1958 and floated it in London in 1971. It was taken private by the Matthews family in 2001 but tough trading conditions have seen profits tread water. It made £2m profits in the year ending July 2012, on revenues of £341.4m.