CMA approval for the Boparan family to purchase ForFarmers may provide some scope to support Boparan, but with 75% of sales subject to ratchets

The impact of Avian Flu on Boparan is small so far. In Norfolk, four farms have reported cases and a handful of new control zones have been set up; the control zones

Ranjit Boparan is pushing for higher chicken prices from his supermarket customers as he tries to recover £30m of higher costs due to the

The ratchet system in place with the supermarkets regarding feed prices is the primary reason the CMA is preventing (for a second time) the

The rating upgrade reflects the successful completion of the refinancing at Boparan. S&P expects (agency-adjusted) EBITDA of

The warning from Ranjit Boparan about rising costs in the Poultry business resulting from the recent budget will depress bond prices. The increase in

Once again, a rabbit from the hat arrives when Boparan is refinancing. The sale of the European business will reduce headline leverage to 2.7x. The new SSN is a £390m 5-year (NC2) deal on an Adjusted EBITDA of £141m and a margin of 6.4%. Margins of ~6.5% will likely be under pressure as supermarkets previously saw 5% as normal. In previous refinancings, pressure in the supply chain has followed quickly. We will take a proper look at the OM, but our bias is to look at Boparan as a short once the deal is done. 

A positive rating watch from Fitch is a small improvement forBoparan and reflects the preparations for the new issue, which we expect in

Disposing of the European business will reduce leverage at Boparan. The Boparan family office is paying €200m, and we estimate the disposal will reduce

The appointment of Rothschild as an advisor for Boparan’s upcoming refinance initially struck us as odd. However, Rothschild worked with