Karro gets £60m refinancing package
Karro Food Group has secured a refinancing package worth £60m, which it plans to spend on short- and medium-term investment, the company said.
The deal, with commercial finance company GE Capital, was secured after Karro carried out a strategic review and reorganisation of its operations.
The group was formed through a management buyout of Vion’s pork business.
In a separate announcement, the company said it was proposing to end butchery and slaughter at its Wiveliscombe site in Somerset.
The site has a capacity of about 5,000 pigs a week.
Following a strategic review of the business, Karro entered a consultation process with employees and trade unions, with 113 jobs at the site at risk of redundancy.
“Sadly, our Wiveliscombe slaughter and butchery operation simply does not have the necessary scale to operate profitably and so we must propose this change in order to ensure our continued viability and growth, and safeguard other jobs across our business,” said chief executive Seamus Carr.