C. S. Stevens Group rescues local abattoir
The C. S. Stevens group of companies has joined the Development Finance Corporation and Marac Corporation, Ltd, in a major attempt to restructure the CBP group of companies (in receivership). The C. S. Stevens Group, a prominent South Island meat exporter is to take up a majority shareholding in C.B.P. Meat Processors, Ltd(in receivership), through a subsidiary, Ashley Meat Ex-, ports, Ltd. C.8.P.. Meat Processors, Ltd (in receivership), a subsidiary of C.B.P. Industries, Ltd (in receivership), operates the Christchurch City abattoir, supplying meat for the local market and employing 170 staff. Mr R. H. Trounce, managing director of C. S. Stevens group, announced that agreement had been reached with the receivers and the directors of C.B.P. Industries (in receivership) to enable the C. S. Stevens group to take up a majority shareholding in C.B.P. Meat Processors, Ltd (in receivership) for an undisclosed sum.
“Our plan basically is to upgrade the abattoir to enable it not only to service the
local market but to give it the capacity to process for export,” said Mr Trounce. “In the current situation export meat processing companies can supply meat for the local market and some export companies own a number of retail outlets. Even without its present financial problems it would be difficult for the local abattoir to continue to sustain itself profitably in its present form. . “We are very confident, however, that with an upgrading of the abattoir to export standard, C.B.P. Meat Processors can become a profitable operation based on our extensive activities and knowledge of the export trade,” said Mr Trounce. “The move enables the abattoir to safeguard the jobs available, preserve present access to locally-pro-cessed meat for the Christchurch market, and provide the development necessary to enable the abattoir to diversify through export,” he added. The move by C. S. Stevens group has been welcomed by the receivers, Mr S. W. Bullen and Mr A. J. Wakefield, as a positive step in the reconstruction of the C.B.P. Industries group. Mr F. E. Coleby, chairman of C.B.P. Industries, stated, “The move provides not only a new basis on which meat processing for the local market can be maintained but a new impetus for the operation of the abattoir. “Effectively, C. S. Stevens will purchase a majority shareholding in C.B.P. Processors. A consortium of the DFC and Marac will provide the finance required to complete a major upgrading of
the abattoir which will continue to be operated by C.B.P. Meat Processors,” commented the receivers. “We believe that the restructuring undertaken is in the best longterm interests of everyone associated with C.B.P. Industries group, the shareholders, staff, creditors, farmers and the local trade,” said the receivers. “This is the first breakthrough in regard to restructuring the group in receivership. The key to the whole operation of the companies is the abattoir, and its continuation gives the remaining three companies better prospects,” they, added. It is understood that work is expected to begin immediately to upgrade the abattoir to export standard.
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Press, 2 March 1982, Page 22
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504C. S. Stevens Group rescues local abattoir Press, 2 March 1982, Page 22
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