When the UK Government set up a Pensions Regulator six years ago to hold companies to their pensions promises, few would have wanted to predict it would end up with a company being taken over by its own pension scheme. But that is what happened to the dairy group Uniq today - and at least it is better than bankruptcy.

Uniq's management, led by chief executive Geoff Eaton, will now be running the company entirely on behalf of its retired workforce, assuming the deal is approved. The pension scheme will own 90% of the firm, in exchange for Uniq being released of all future obligation to it. The existing shareholders, who hold onto 10%, have lost a packet.