‘Chicken King’ Ranjit Singh Boparan enjoys bumper pay day as profits jump
Ranjit Singh Boparan, often referred to as the ‘Chicken King’, has enjoyed a substantial financial boost with his private office’s profits soaring to nearly £125m.
The business portfolio under Boparan’s private office encompasses well-known high street eateries such as Carluccio’s and Gourmet Burger Kitchen, alongside poultry giants Bernard Matthews and Banham Poultry, and Elkes Biscuits, as reported by City AM.
According to the latest accounts filed at Companies House, Boparan’s private office declared a £12.5m dividend for 2023, marking a significant payout after abstaining from a dividend in 2022.
This dividend distribution coincides with the Chicken King’s private office reporting a pre-tax profit of £124.9m for the fiscal year, a notable increase from £90.2m in the previous 12 months.
The filings further indicate that turnover climbed from £1.59bn to £1.66bn during this interval.
In a strategic move for the Boparan group, it was disclosed that the poultry division of 2 Sisters Food Group, also owned by Boparan, is set to be acquired by his private office for over €200m (£168m).
Currently operating under Boparan Holdings (BHL), the parent company of 2 Sisters, this arm is known as 2 Sisters Storteboom and has a workforce of 2,700 employees.
Commenting on the deal, Boparan remarked: “This is a significant and transformational deal and unlocks many opportunities for the future, so we are very pleased to announce an agreement has been reached.”
He added: “All my companies will benefit as it creates a stronger, more agile group of businesses and provides a platform for an unprecedented level of internal investment.”
“As well strengthening BHL, it gives the European poultry business, under the BPO, a dedicated regional focus on its European markets, unlocking undoubted growth opportunities through a focus on quality, animal welfare and sustainability.”
(Image: Rebecca Astill / Birmingham Live)
In its latest financial update, Gourmet Burger Kitchen declared a turnover of £96.4m for 2023, showing a significant rise from the previous year’s £49.5m.
Yet, the company faced an increase in pre-tax losses, escalating from £3.2m to £4.7m.
Reflecting optimism despite the figures, the board at Boparan Private Officer remarked: “The group maintains a positive future outlook underpinned by growth in the poultry market.”
Addressing operational strategies, they shared: “To keep up with the growth in demand and output required, the group will continue to seek opportunities to improve and develop its existing infrastructure.”
The statement further highlighted their direct engagement approach: “We continue to engage directly with buyers, working on tenders, presenting new products and engaging with customer audits.”