The appointment of a new head for the Meals and Bakery business may be a sign of changes; we expect this division will eventually be
Read MoreThe upgrade to B+ will not make too much difference to the potential holder base, as the company rating was already B. We are sceptical that the current
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The Q4 numbers exceeded our expectations, but we expect FYE 2026 to be tougher, as grocery customers seek to shore up their
Read MoreWe expect the Meals and Bakery business to eventually be sold by Boparan. The rescue of Roberts Bakery by the Boparan Private Office suggests a
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Revenue and EBITDA (including margins) were ahead of our estimates. Poultry benefited from destocking, which boosted prices. However,
Read MorePurchasing the other 50% of the Hook2Sisters will give the Boparan Family Office more opportunities to manage the margins at
Read MoreQuickly finding a replacement for the old CFO is a positive for Boparan/2 Sisters. With the refinance behind them, the new CFO has
Read MoreCongratulations to Ranjit Boparan for finishing the London Marathon and raising £140k for charity.
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Topline and Gross Profit/EBITDA were broadly in line with our estimates; operating cash flow was higher due to a better-than-expected payables performance in
Read MoreSourcing some of its chicken from Germany is more about ASDA’s lower prices campaign than it is about supply chain challenges. It sends a warning shot to
Read MoreCMA approval for the Boparan family to purchase ForFarmers may provide some scope to support Boparan, but with 75% of sales subject to ratchets
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The impact of Avian Flu on Boparan is small so far. In Norfolk, four farms have reported cases and a handful of new control zones have been set up; the control zones
Read MoreRanjit Boparan is pushing for higher chicken prices from his supermarket customers as he tries to recover £30m of higher costs due to the
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Given the new bond was issued after this quarter ended, there are no surprises in the FYE25 Q1 figures. On a positive note, volumes continue
Read MoreThe ratchet system in place with the supermarkets regarding feed prices is the primary reason the CMA is preventing (for a second time) the
Read MoreThe rating upgrade reflects the successful completion of the refinancing at Boparan. S&P expects (agency-adjusted) EBITDA of
Read MoreThe warning from Ranjit Boparan about rising costs in the Poultry business resulting from the recent budget will depress bond prices. The increase in
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