The Norfolk-based family owned business has been involved for many years in arable farming, pig rearing and pig-meat processing.

Some members of the Bowles family will retain the arable farming business together with a portfolio of properties.

The pig rearing business is being sold to a management buy-out team and a pig supply agreement will be entered into on completion covering the supply of pigs by the MBO to the Cranswick-owned Bowes.

The net assets of Bowes on completion, excluding the arable farming business and after disposal of the pig rearing activities are expected to amount to £9.6 million including cash of £6 million.

Last year Bowes made £2.1 million profit on sales of £75.8 million and the gross assets of the business were £21.8 million.

Chairman of the Yorkshire-based food manufacturer, Cranswick, Martin Davey, said: "Bowes is a significant operator in pig-meat processing and the acquisition reinforces our position in that sector. The business will continue as a separate operation with its own management team reporting directly to Adam Couch, Cranswick main board director responsible for the Group's fresh pork operations.

"We look forward to the 620 employees who work for the pork-processing operation of Bowes joining us and to working with the MBO team in respect of the supply of pigs."