Banham Poultry Goes into Administration !

[TIL 1010 4,748]

Breaking news on BBC Look East states 1000 local jobs at risk.

[Daz Sparks 1,154]

How does a food production company fail?

Can''t blaee that on t''internet.

[Bill 1,788]

I suspect fowl play

[TIL 1010 4,748]

http://www.edp24.co.uk/business/banham-poultry-administration-attleborough-george-freeman-1-5722163

EDP now reporting that it has been corrected to on brink of administration with a buyer being sort to avoid Lloyds Bank pulling the plug.

[Mike 2]

Having gone through admin, I feel for the staff who will no doubt not get what they are entitled to...

[Bobert 0]

That is interesting. It means perhaps that a large block of shares might come on to the market which in turn could encourage someone somewhere to consider making a bid for the club which in turn could change the future fortunes of the "Canaries". Frankly I am happy with the way Delia has managed things in her tenure but it would be nice to have some real glory days (like Chelsea and Man City) before I kicked the bucket!

[paul moy 235]

Sounds like the chickens recoming home to roost and a few feathers will be ruffled, while investors could lose their nestegg.  I hope they hatch a plot to lay all worries to rest.

[Paul101 93]

wrong foulger

sad day for the local economy while it was not the best job in the world it paid very well and helped me get the missus through her nursing Degree before I moved on

[Rudolph Hucker 0]

Hardly a laughing matter. An anxious time for employees. Hopefully a buyer can be found. 2000 supply jobs also at risk. If this is down to Lloyd''s Bank who were bailed out by the taxpayer it seems like double standards.

[Diane 500]

Theyve already had 2 firm offers which are being considered, so unlikely to go into administation.

" Two bids are currently being considered for Banham Poultry, one which aims to keep the business in Attleborough, Norfolk, while the other plans to move production elsewhere"

[JF 694]

Paul101 wrote the following post at 03/10/2018 11:04 PM:

wrong foulger

No it’s not.

[TIL 1010 4,748]

[quote user="JF"]Paul101 wrote the following post at 03/10/2018 11:04 PM:

wrong foulger

No it’s not.[/quote]

Saved me a job there JF but on an entirely seperate issue now being reported that two men have been found dead on the site. Looks like a chemical spillage and that these men in their 30''s and 40''s were sub contractors working on the site.

Tragic news.

[Guest]

A bit of decency please. Jobs meaning families, suppliers etc are all terrribly worried about their futures.

Anyone who has faced this problem should have nothing but sympathy.

[GMF 744]

Bobert, Banham Poultry do not own any shares in the Club.

[SwindonCanary 455]

Not a good day for them !! https://www.bbc.co.uk/news/uk-england-norfolk-45745192

[PurpleCanary 5,562]

[quote user="GMF"]Bobert, Banham Poultry do not own any shares in the Club.[/quote]

Indeed, but it is possible Bobert meant Foulger might need money and so have to sell his shares in the club.

[shefcanary 2,409]

I hope they survive if only to keep my old town going. I blame the likes of Tesco for this - the company has probably had its margins squeezed and is not financially viable. Raises the question of whether Foulger is too much of a nice guy to ensure the solvency of a company in the face of larger organisations might - it would go well with the arguments of others on here about the Board! The company needs to survive because the thought of chlorinated chicken being imported from the US post brexit to fill the void is extremely scary.

There, much more to this story than just a local firm in trouble.

[Guest]

Goes from bad to worse. Two found dead at the factory at Attleborough allegedly due to a chemical spill.

[TIL 1010 4,748]

[quote user="PurpleCanary"]

[quote user="GMF"]Bobert, Banham Poultry do not own any shares in the Club.[/quote]

Indeed, but it is possible Bobert meant Foulger might need money and so have to sell his shares in the club.

[/quote]

The Foulger family owns 98,200 shares of which 80,000 are in the name of Michael''s daughter Sarah with only 6,200 in the name of Michael alone. The remaining 12,000 are in a joint family holding.

[JF 694]

The Foulger family owns 98,200 shares of which 80,000 are in the name of Michael''s daughter Sarah

An old friend of mine who’s actually a Man U fan, lol

[GMF 744]

Purple, always a possibility, although unlikely.

Tilly, absolutely spot on. A bit of IHT planning, no doubt 😉

[PurpleCanary 5,562]

[quote user="TIL 1010"][quote user="PurpleCanary"]

[quote user="GMF"]Bobert, Banham Poultry do not own any shares in the Club.[/quote]

Indeed, but it is possible Bobert meant Foulger might need money and so have to sell his shares in the club.

[/quote]

The Foulger family owns 98,200 shares of which 80,000 are in the name of Michael''s daughter Sarah with only 6,200 in the name of Michael alone. The remaining 12,000 are in a joint family holding.

[/quote]

If that is true that change must have happened in the last year, as the 2017 accounts show Foulger, as a director, holding all 98,200 shares.

[ron obvious 1,502]

shefcanary, from what I''ve read US chicken is no more of a health threat than EU chicken.

[GMF 744]

Not true. The key point being the difference between beneficial and legal interests. The accounts refer to MF having the beneficial interest 😉

[TIL 1010 4,748]

GMF reckons i am '' spot on '' Purple so i will leave it to you accountant guys but he is the Canaries Trust treasurer.

[PurpleCanary 5,562]

[quote user="GMF"]Not true. The key point being the difference between beneficial and legal interests. The accounts refer to MF having the beneficial interest 😉[/quote]

You are right, of course. I was making an assumption, which one should never do, that because Foulger was listed as beneficial he was the full legal owner of the shares, as opposed to them being in effect at one remove. In that case I am sure you and Tilly are correct. It might raise some interesting questions in the future, if there was ever a serious hostile takeover bid. All theoretical for now.

[Surfer 1,547]

"The company needs to survive because the thought of chlorinated chicken being imported from the US post brexit to fill the void is extremely scary"

If it survives this scare, the prospect of it surviving post Brexit is remote if the UK signs a trade deal with the US. Free trade means advantage goes to lowest cost producer, so it could be an own goal scored for the "leave EU to guarantee British jobs" argument.

As a consumer here in the US, there is nothing obviously objectionable about their chicken products, so if allowed UK supermarkets will probably switch vendors for many frozen chicken products, leaving the UK producers to provide fresh whole chicken - can they survive on that slice of the market alone?

Also not even certain that region of production labeling would be allowed to stay in a new UK / US trade deal. If that is so, even promoting "buy British chicken" goes away as an option too.

[Bill 1,788]

Surfer highlights something the dimwitted brexiteers still cannot grasp.

Any deal with the US would almost certainly remove any origin of production labelling as has already been stated - so much for the brexit shyte of controlling our own laws. Once that type of chicken or other food entered the UK it would be doors closed as far as the EU is concerned as there could be no certainty that chicken and other products had not been relabeled as produced in the UK.

So where then UK producers ?  If the EU wouldn''t buy UK food and imported food would be cheaper - less health checks, antibiotics, growth hormones etc ?

Either drop their standards or go bust.

But then anytime any one raises these points they are met with the brexit bleat of "project fear... baa baa"

Yet it is odd how those actually running all these companies agree with the warnings, but dimwitted cranks who rely upon the local free paper disagree.

I know who I trust to know what is correct.

[TIL 1010 4,748]

No official announcement yet but Look East reporting that a deal has been struck with Chesterfield Poultry who are a big player in the industry and all jobs are secure and will remain at Attleborough.

The CEO has said that the Foulger family have played a major role in sorting out the problems.

Well done to our Vice Chairman.

[Van wink 2,994]

Seems they specialise in Halal poultry, good news for the workers, not such good news for the poultry.