Berisford aims for change with purchase
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.A LONG-AWAITED acquisition by Berisford International, the promised first step in a new strategy, should be announced early in the new year, writes Russell Hotten.
Alan Bowkett, the chief executive who lost a pounds 184m battle for the shoe maker C&J Clark in May, is planning the purchase of a manufacturing company funded by the issue of new shares.
He described the acquisition as substantial, adding that the target was larger than Berisford, which is valued at more than pounds 105m. The news came as the company reported a cut in pre-tax losses in the year to 30 September from pounds 65m to pounds 5m.
Mr Bowkett wants to transform Berisford, virtually a shell company with small property and commodities interests, into an industrial business. Any buy is likely to be in engineering or building products.
Disposals during the year generated pounds 34.8m. Net cash was pounds 3.5m, compared with net debt of pounds 15m last time. Turnover was pounds 72.3m, down from pounds 130.5m. Continuing operations made trading losses of pounds 1.3m. Shares rose 5p to 111p.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments