Blue Prince Mushrooms completes pension scheme buyout

Blue Prince Mushrooms has used an e-auction to complete a buyout deal with Legal & General for its £6.5m defined benefit pension scheme.

The firm was assisted in the buyout process by Lane Clarke & Peacock (LCP) and Capital Cranfield Trustees.

Adrian Dawes, trustee at Blue Prince Mushrooms, said: “Our e-auction provided a transparent and auditable process that ran quickly and efficiently and demonstrated best value.”

Nick Curry, partner at LCP, said: “This is a tremendous result for the trustees and pension scheme members who were facing an uncertain financial future due to the company’s position. The e-auction helped to deliver a very successful outcome and enhanced the negotiations with insurers.”