Amber REI Holdings, the company which acquired Bernard Matthews last year, has revealed a leap in sales.
Documents published last week show turnover in the 52 weeks ending 31 December totalled £603 million, up from £394 million the previous year reflecting the acquisitions of Bernard Matthews in 2017 and Grove Turkeys in 2016.
Amber REI Holdings is owned by Ranjit Boparan, chairman and owner of 2 Sisters Food Group.
Despite the growth in turnover, total profits fell from £40.8 million to £30.3 million partly due to a big increase in administrative expenses. Within the administrative expenses, an exceptional related party loan write-off has been made for £24.3 million following the closure of the Food Utopia business.
After the acquisition of Bernard Matthews was cleared by the Competition and Markets Authority (CMA) in January 2017, various operations of the poultry business were sold.
This included the poultry growing farms, which were sold in February 2017 to Hook 2 Sisters, and the sale of its breeding, hatching and rearing assets to PD Hook at the same time.
The directors said in the full year results there was a positive outlook for the firm underpinned by the continued growth in the poultry industry. “The group’s financial situation remains very strong with significant cash balances and a low level of debt relative to profit,” the directors said.
Earlier this year Bernard Matthews said it had won a significant contract to supply cooked chicken to retail customers. The additional business will create an extra 400 jobs from the firm’s Great Witchingham site, new chief executive Chris Just said.
