The Chamber of Commerce (CCI) in the French town of Morlaix has taken temporary control of poultry exporter, Tilly-Sabco Bretagne, which was saved from liquidation at the end of last year.
The CCI, which already has a 33% stake in the company, has acquired the 33% shareholding owned by Breizh Algae Invest for EUR500,000. The UK’s MS Foods also holds a 33% stake in Tilly-Sabco.
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Explaining the departure of Breizh Algae Invest, the CCI said “the lack of a common vision on strategy has led to a delay in investment plans which could be prejudicial to the company”.
Breizh Algae Invest will continue to collaborate with Tilly-Sabco “in the development of chicken bred with anti-biotics and fed on seaweed,” the CCI added.
The CCI underlined taking control of Tilly-Sabco was “temporary” and designed “to allow for the arrival of other investors and the implementation of investment plans necessary to the firm’s long-term well-being.”
Tilly-Sabco’s plant processes almot 85,000 frozen chickens daily, which are sold to markets in the Middle East.
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By GlobalDataThe CCI, has a EUR6m intervention fund at its disposal and has announced it will launch first-phase investment of EUR2.5m, targeting the creation of a production line dedicated to fresh chickens, in order to diversify the company’s markets, notably in Europe.
