Cranswick Shares Plunge on Farm Abuse Claims
Supermarkets Suspend Cranswick Supplies Over Animal Welfare Concerns
Shares in British meat producer Cranswick experienced a sharp decline of approximately 9% on Monday following the suspension of supplies from one of its farms by major UK supermarkets. The move comes in response to animal welfare concerns raised by a report in the Mail on Sunday newspaper, which included footage allegedly depicting animal abuse by workers at Cranswick’s North Moor Farm in Lincolnshire.
The significant drop in Cranswick’s share price marked its largest one-day percentage decrease since March 2020, reflecting investor concern over the potential impact on the company’s reputation and sales.
In an emailed statement, a Cranswick spokesperson confirmed the company was taking immediate action. “As soon as we saw the footage, we immediately suspended the team working at the farm and we are conducting an urgent and thorough investigation,” the spokesperson stated.
Cranswick is a major player in the UK pig production sector, supplying a wide range of products including fresh pork, sausages, and bacon to supermarkets nationwide.
“We are extremely disappointed to see the unacceptable lapse of welfare standards captured at North Moor Farm,” the company spokesperson added.
Cranswick has taken the step of suspending North Moor Farm from supplying any pigs until the ongoing investigation is concluded. The company did not provide a specific timeline for the completion of the investigation.
In a swift response to the allegations, major British supermarkets including Tesco, Sainsbury’s, Asda, and Morrisons have all announced the suspension of supplies from the implicated Cranswick farm. This coordinated action by leading retailers underscores the seriousness with which animal welfare concerns are treated by the industry and consumers.
The investigation will likely focus on the veracity of the footage and the extent of any welfare breaches. The outcome could have significant repercussions for Cranswick, potentially impacting its relationships with key customers and its overall market standing.
Original source: Reuters
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