Bernard Matthews to buy back firm

17 May 2000

Bernard Matthews to buy back firm

NORFOLK farmer Bernard Matthews is planning to buy back the company which bears his name, reports the Financial Times.

The Matthews family, which still controls 42% of the shares, told shareholders it considered making an offer for the remainder.

The board, which was said to be surprised by the move, advised no action until the situation had been clarified.

Analysts said that frustration at the low market rating could have prompted the approach.

In March the group reported a 70% increase in pre-tax profits to 25m on sales of 344.3m.

Analysts have forecast profits of 27.5m this year, reflecting a switch from commodity to branded products.

Mr Matthews, who rose to fame after advertising his turkeys on TV, remains executive chairman.

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