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20 April 2009
Cranswick announces today that following a competitive tender process it has exchanged contracts for the sale of its pet activities, Cranswick Pet Products (“CPP”) and Tropical Marine Centre (“TMC”), as part of a management buy-out. The management buy-out team comprises of main board director Derek Black, TMC managing director Paul West and certain other members of the respective management teams. Completion is scheduled for Friday April 24 2009 whereupon Derek Black will resign from the main board and the remainder of the management team will also leave Cranswick.
Commenting on the sale, Chairman Martin Davey said:
“We would like to take this opportunity to thank Derek and Paul and all the employees of CPP and TMC for their contribution to Cranswick over many years and to wish them all the best in their new venture. Derek has been with Cranswick since 1980 and was appointed a main board director in 1988. Paul joined TMC as managing director in 1997. Cranswick is now wholly focused on its food activities and will continue with its strategy to grow both organically and through acquisition as demonstrated by the recently announced acquisition of Bowes.”
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