FDBusiness.com

UK chilled convenience food processor Uniq has received clearance from the Pension Regulator for its proposed restructuring, to provide a solution to its legacy pension deficit. Under the proposed restructuring, Uniq’s pension debt of more than £400m will be exchanged for a 90.2% stake in the group and a cash payment of £14m to the Pension Scheme.

Geoff Eaton, chief executive of Uniq.

Existing Uniq shareholders will retain 9.8% of the company following the restructuring and Uniq will move its listing to AIM. The proposed restructuring is subject to approval by shareholders and the sanction of the High Court.

“Gaining clearance from the Pensions Regulator for the proposed restructuring is the result of over 18 months’ hard work. The pension solution 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,” comments Geoff Eaton, chief executive of Uniq.