Tue, 30 Jul 2013 | BUSINESS SALE
Dairy Crest has confirmed that its depot-based milk delivery business in the North West of the country has been sold to Creamline Dairies.
The news of the deal first emerged back in early July, but the deal has now gone through with the business exchanging hands for £1.15 million as Dairy Crest continues to look at reducing its exposure to the middle market.
Mark Allen, chief executive of the business, commented on the sale: "We reported at our AGM earlier this month that the profitability of our dairies business continues to improve towards our three per cent medium-term target.
"The sale of our North West depot-based delivery business is another step on this journey."
The chain doesn't stop with Creamline, however. The new owners are reportedly planning to sell on parts of its newly-acquired company to Morton Dairies.
Dairy Crest recently announced profits for 2012/13 of £54.5 million across all of its operating areas. This was a significant improvement on the previous year's loss of £17.1 million and, as mentioned by the chief executive, brings the business closer towards its three per cent operating margin, building on last year's margin of one per cent which was described in the firm's 2012 annual report as "unsatisfactory".
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