Cranswick sells pet food division to management

The management team, headed by Derek Black and Paul West, has been backed by Lloyds TSB Development Capital, the private equity arm of Lloyds Banking Group.

Cranswick, whose food brands include Simply Sausages, will retain a 5.5pc stake in the business going forward. It will use the money to reduce its borrowings ahead of the £17.2m acquisition of Bowes of Norfolk, the pork producer, which was announced earlier this month.

Cranswick wants to wholly focused on its food activities and will continue with its strategy to grow both organically and through acquisitions.