Ex-owner of Bernard Matthews accused of selling out its pensioners in insolvency deal : Mirror

Private equity firm Rutland ­Partners allegedly rejected a rescue bid for the business last July.

The former owner of turkey firm Bernard Matthews was today accused of “lining its own pockets” at the expense of pensioners.

Private equity firm Rutland ­Partners rejected a rescue bid for the business last July, say papers published by the Commons Work and Pensions Committee.

The offer from Chicken King tycoon Ranjit Boparan would have safeguarded members of the pension scheme. A letter from Mr Boparan said Rutland rejected the bid, which would have kissed goodbye to money it was owed.

Bernard Matthews was put into a form of administration called a “pre-pack”. It allowed Mr Boparan to make a second swoop, buying the best bits of the business for £87.5million.

Rutland recouped £39million, and two banks got nearly £46million. They were ranked higher priority than the pension scheme, which was owed £17.5million.

READ MORE : MIRROR

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