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.
Opportunity to acquire a long-established MEP building services contractor specialising in designing, installing, and maintaining M&E, HVAC, plumbing, and energy centre solutions.
An opportunity to acquire a pioneering artisan bakery renowned for its top-quality sourdough and pastries in the United Kingdom.
An exciting opportunity to acquire a well-established mixed dental practice in Northern Ireland, offering a strong patient base and potential for growth.
Looking for more businesses? Try our off-market tool.
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.