Bernard Matthews to go private

Norfolk farmer Bernard Matthews has agreed a management buyout of the food company that uses his name.

Norfolk farmer Bernard Matthews has agreed a management buyout of the food company that uses his name.

Mr Matthews, who started the company in 1950 and saw it floated on the stock exchange in 1971, said that the 185p a share offer was a "good deal."

He said: "Over the 29 years on the stock market we have never used it as a source of funds. Most people float to have access to funds, but we haven't used it for that purpose.

"We now want to develop the company and want to be free to make investments which may not make profits that year - but later in the future."

There are no plans to make any other major changes to the company after the buyout.