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Financing deal for poulty farmer Bernard Matthews

Poultry farmer Bernard Matthews, whose farm was hit with the H5N1 bird flu virus earlier this year, has struck a refinancing deal.

The Norfolk-based company has refinanced the business through an asset deal struck with Burdale, a subsidiary of the Bank of Ireland, and supported by several other major international lenders.

Since the avian influenza outbreak was discovered at the farm in February 2007, sales of both frozen and fresh turkeys has slid by about 25%.

Bernard Matthews produces seven million turkeys in the UK each year, of which some 160,000 birds were slaughtered in February. The company subsequently received almost £600,000 ($1.2 million) compensation from the government for the healthy stock that was culled.

The company has apparently been consulting with staff on redundancies and has put a temporary freeze on pay and recruitment.


Related articles:

Britain hit with H5N1 bird flu

Bernard Matthews plant to re-open

Bernard Matthews to get €800,000 compensation


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