Pension deficit to be resolved at Uniq
Shareholders of chilled convenience food group Uniq have approved a proposed restructure that aims to resolve a £400m pension deficit. Under the agreement, most of the shares of Uniq – which has sites in Lincolnshire and Northampton - in the hands of the pension trustees.
Under the planned changes, announced last month (February), the pension trustees will release the company from its pension debt in exchange for a cash payment of £14m and a 90.2 per cent shareholding.
The move has already been cleared by the pensions regulator and, though it still has to be approved by a court, it is expected to take effect on 18 March. Uniq shares will no longer trade on the main market and instead will be admitted to AIM, on 1 April.
Chief executive Geoff Eaton said: “We are delighted that shareholders have supported the proposed solution. This will release the business from the huge legacy pension burden, while realising the best possible outcome for pension members and achieving some value for our shareholders.”
Uniq manufactures at four sites across the UK - Minsterley, Shropshire; Spalding, Lincolnshire; Evercreech in Somerset and Northampton.
