Thu, 22 Jan 2015 | DIVISION SALE
Reports suggest that the frozen food firm Findus has begun discussion on the possible sale of its UK arm.
Shareholders and Findus Group are in the early stages of discussions on selling their UK operations for hundreds of millions of pounds, Sky News reports. The firm is currently owned equally by three investors: Lion Capital, JP Morgan and Highbridge Capital. Findus has operations in the UK, France and Scandinavia.
Sources suggest that while advisers have not yet been appointed to deal with the UK division, this will be confirmed in the coming months as the process has just began and no formal decision has been taken.
Findus replied to the reports from Sky News, issuing a statement that read: "No sale process is under way for the UK business, or any part of the Findus Group at this time."
However, the statement went on to say: "The owners and senior executives of Findus Group keep their long-term options continuously under review."
Findus was at the centre of the horsemeat scandal, after it was found in February 2013 that its lasagnes contained up to 100 per cent horsemeat. The company’s performance has since recovered, leading to the issue of a £200 million bond last year, rumoured to have led to a multi-million pound payout for investors.
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