Hull-based meat processing giant Cranswick Plc has confirmed its “potential acquisition” of Inspired Pet Nutrition Limited, a UK pet food business.

“The board of Cranswick plc notes the recent press speculation with regard to a potential acquisition,” said the firm.

“In line with the company’s stated long-term growth strategy to expand its product offering through further diversification, Cranswick regularly considers acquisition opportunities. 

“The board confirms that it is currently engaged in a process regarding the potential acquisition of Inspired Pet Nutrition Limited, a leading UK pet food business.

“If successful, the group’s current intention is to part-finance the acquisition via an equity placing of less than 10% of issued share capital to investors.

“There can be no certainty at this time that the acquisition will progress.

“The company will make a further announcement if and when appropriate.”