Thu, 02 May 2019 | BUSINESS SALE
Tobacco company Imperial Brands has revealed plans for the sale of its cigar business, which will be split from the group to help reduce debt and increase the funds available for investment.
The sales process for Premium Cigars is also reportedly part of the company's wider sale programme and company simplification agenda, from which it hopes it will gain £2 billion by May 2020.
The FTSE 100-listed tobacco giant added that the sale of the cigar business was not as a result of a lack of profit from the division, but simply that the company wants to redefine its market and ensure it's focusing its money and energy in one direction.
"Premium Cigars has performed well over a number of years with good revenue and profit growth; however, it is a unique luxury business with a different consumer base and route to market relative to Imperial's other businesses," a spokesperson said. "The sale of the business provides an attractive opportunity to realise shareholder value."
The company will now seek an appropriate buyer for the company via advisory firm AZ Capital, although it is yet to publish any financial figures and warns that there is no certainty that a transaction will definitely take place.
Despite this, Imperial Brands did confirm that it's making significant progress in other areas of its simplification schedule, but added that tobacco valuations have come under pressure in recent months and that each asset will remain part of the group until the "appropriate value" is realised.
So far the company has achieved additional funds of £280 million from the sale of a portfolio of other tobacco products in the US.
This established business, founded in 2013, offers a unique opportunity to acquire a reputable provider known for delivering exceptional products and services.
An established business specialising in the creation of high-quality corrugated cardboard packaging since 1994 is now available for acquisition.
An established business in Greater Manchester is available for sale, offering bespoke kitchen and bedroom units tailored to any specifications.
03
|
Jul
|
Energy services firm completes third acquisition | BUSINESS SALE
Energy services firm Earnz plc has completed its third acqui...
03
|
Jul
|
Newcastle life sciences firm falls into administration and ceases trading | ADMINISTRATION
AMLo Biosciences, a life sciences firm based in Newcastle, h...
03
|
Jul
|
Matthew Freud exploring possible sale of eponymous PR consultancy | BUSINESS SALE
Leading public relations executive Matthew Freud (pictured) ...
Business Sale Report is the complete resource for finding genuine acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.