Northern Foods, the UK-listed group which has announced itis to undergo a strategic review, could dispose of its biscuits business. The company is likely to sell off one of its three divisions - pizzas, biscuits or chilled food. Biscuits are thought to be the most likely to go, although Northern has stated it would not rule out any option.The biscuit operation produces the Fox's brand and own-label supermarket biscuits, the item noted. Northern's biscuit sales for the first two months of the year were 12% less than the previous year. Estimated profits for the current financial year are £45m.