Mon, 04 Oct 2010 | DIVISION SALE
Premier Foods is hoping to carve a chunk out of its debt mountain by selling off its successful meat-free brand, Quorn.
The company - which also owns Bisto Gravy and Branston Pickle - has confirmed it is considering takeover approaches for the brand worth up to £250 million. Premier is currently holding a debt mountain of £1.4 billion. It has previously stated that it aims to reduce that by £500 million, and a sale of Quorn could well see it half way to achieving that.
While confirming the approaches, a spokesman for the company did not reveal details on how many there had been, or by whom, and warned against getting ahead of themselves. He said, "There can be no guarantee that such a transaction will take place," and that they would make further announcements when "appropriate".
Premier Foods is the country's largest food producer, and is also behind such famous brands as Hovis bread, Mr Kipling cakes and Sharwood's curries. They bought Quorn in 2005 from Bird's for £172 million.
The company recorded a pre-tax loss of £54 million in the first half of this year, attributing it to "tough" trading conditions. It is known that the company made considerable losses recently on swap contracts. Last year Premier Foods received an approach for its Mr Kipling cakes brand and rumours have abounded that the Hovis brand is also up for sale.
Located in North Berwick, a highly sought after location, and is truly a fantastic destination due to its picturesque coastal setting, sandy beaches, and wonderful views of the surrounding islands.
A spectacular 41-bedroom, 3* hotel in historic village, popular with tourists. Situated at "the Gateway to the Highlands" & West Coast mainline railway junction.
FREEHOLD
With its picturesque location in the Isle of Whithorn on the beautiful Solway Coast of Dumfries & Galloway in South West Scotland. The inn, which has been owned and operated by the same family for over 40 years, has 7 Letting Bedrooms, 2 bars and 2 r...
FREEHOLD
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.