Cranswick agrees Morrisons deal

MEAT supplier Cranswick has agreed to sell its stake in a joint venture with Morrisons to the supermarket chain.

Cranswick said the assets of its 49% interest in the Farmers Boy (Deeside) cooked meat operation were valued at £6.2m.

The Hull-based firm revealed the sale as it announced a 10% increase in underlying like-for-like sales for the year to the end of March.

Cranswick said sales volumes had been helped by its £20m investment in improving efficiencies and launching new product ranges.

The company expects debt to be lower at the end of the trading year than it was 12 months ago and has £100m in banking facilities available.

In a statement, the company said: “The business has a well invested asset base, loyal and skilled teams, a great range of products and a strong financial position.

“Good progress has been made following the challenges of the first half and the board looks forward positively to the long term development of Cranswick.”