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Pilgrims Pride
Yurii Bukhanovskyi, Bigstock
on August 3, 2016

France’s Tilly-Sabco Bretagne in administration

One investor has backed out and company’s chairman has resigned

Troubled French poultry company, Tilly-Sabco Bretagne, has been put into receivership by the Commercial Court of Brest for a six-month observation period, La France Agricole reported.

The court’s decision followed discussions with the provisional administrator and staff representatives.

In December of 2014, the company and 200 jobs were saved from previous bankruptcy through its acquisition by three investors - MS Foods of the UK, Morlaix Chamber of Commerce and Breizh Algae Invest. In November last year, the latter withdrew its stake. No further investors came forward, and the chairman of the board resigned earlier this month.

Head of the staff association, Corinne Nicole, said that there are currently negotiations with a serious player interested in the company’s recovery.

In stark contrast, Europe’s top poultry meat company, French-based LDC recently reported favorable results for 2015-16, with turnover up by almost 15 percent and lower feed costs.

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