21 May 2019
Boparan Holdings Ltd (BHL), the parent company of 2 Sisters Food Group, today announces that it has designated the Company’s wholly owned subsidiary, Bakery Foods Ltd, trading as Matthew Walker (“Matthew Walker”), as an unrestricted subsidiary under its debt agreements, to facilitate the disposal of Matthew Walker.
BHL is in the early stages of a sale process for Matthew Walker and anticipates strong, international interest. This will be a robust and detailed disposal process in order to realise full value.
Given the likely timescales of this sale process, Matthew Walker has received a loan of £53million, secured on its assets. This will be used to facilitate further investment in BHL’s wider group during the sale process.
As part of its accelerating transformational strategy, BHL is making these new investments in its UK Poultry and Fox’s Biscuits businesses to further improve performance and strengthen its financial position.
The loan is being used purely as a bridge until the sale of Matthew Walker in order to accelerate these investments. The loan will be repaid in full once the sale of Matthew Walker is complete, which is anticipated before its Q4 reporting date