Duck company, Cherry Valley, based in Lincolnshire, has been bought out by a Thai specialist in the sector – and the deal means more jobs and investment in the Grimsby area.

Bangkok Ranch Group has swooped for the 50-year-old firm, nestled in the rolling hills of Rothwell, for an undisclosed fee.

The 600-employee strong company will continue to operate as an autonomous operation, with managing director, Richard Bird, putting off retirement to stay in position for a further two years to see the ambitious growth plans realised.

Mr Bird said: "We are looking to expand the business here and overseas in China and we need considerable financial support to enable us to make these investments.

"With the backing of the Bangkok Ranch Group, we can access the capital we need.

"What it means for us here is expansion to the production business, which should lead to increased employment opportunities locally, which is good news, as we tackle new markets like retail."

Bangkok Ranch Group (BRG) has acquired 100 per cent of the share capital, and has two main shareholders, venture capitalists Navis Capital and Rabobank.

Cherry Valley will be a third operating company, complemented by 26-year-old Bangkok Ranch in Thailand and Tomassen Duck-To, a 37-year-old Dutch operation. Both are fully integrated organisations, just like Cherry Valley.

As reported, the company has enjoyed a record year as it picked up plaudits and prizes for new ranges, the results of a complex breeding selection process that is knowledge now exported around the globe. It has also made a return to mass retail, which is where the growth is now focused, having sewn up 85 per cent of the UK's Chinese market.

Mr Bird added: "One of our key strategies is to delve down into retail, and these people are prepared to invest. This is very positive for the business, and for the people who work within the business. We will run as an autonomous business within the group and the synergies will come through operations in Thailand which we can benefit from."

Rosie Nickerson, the youngest daughter of founder Sir Joseph Nickerson, the family that has sold the business, echoed the words of Mr Bird, adding: "The team has done a fantastic job."