British billionaire to buy Monaghan turkey farm
UK-based Boparan Private Office is to acquire the turkey business of Monaghan-based Grove Farm, subject to clearance from the Competition Authority.
Boparan is the private investment vehicle of UK billionaire Ranjit Boparan, whose business interests include the 2 Sisters Food Group.
Nicknamed “Britain’s chicken king,” in 2014 Boparan was reported as being the fifth richest Asian in the UK.
Grove Turkeys Ltd is one of the largest producers and suppliers of turkey and poultry added-value products in Ireland and the UK.
It’s been reported that Boparan is buying the business with Amber Real Estate Investments (Ireland), which leases industrial and commercial property. It also leases and operates agricultural property and feed milling businesses.
It is understood the existing Grove Farms‘ management staff will remain in place, operating from the business’s Monaghan site but as part of the Boparan Private Office.
Until 2006 Grove Turkeys, which trades as Grove Farm, was part of Kerry Group before being bought out by management.
Prior to becoming an unlimited company in 2011, the most recent set of publicly-available accounts from 2010 saw Grove Farms Turkeys record revenue of €17.6m and an operating loss of €1m.
Two years ago Boparan was reported as being in the centre of a British Food Standards Authority investigation over the standards of hygiene at some of his chicken factories.
The authority initiated surprise checks at Boparan’s 2 Sisters plants in Britain after it was reported that photographs showed “serious hygiene issues” at the premises.
Monaghan’s Cosgrove brothers founded Grove Turkeys Ltd in 1972 and developed it as a fully-integrated turkey livestock rearing and processing business.
Its processing plant was severely damaged by fire in 1993 and was subsequently rebuilt and enlarged in 1994.