Mon, 10 Oct 2011 | DIVISION SALE
The sale of Premier Foods’ key brands, including Hartley’s jam and Haywards' pickles, could be on the table after the group reported tumbling profits.
Its debts now stand at £950 million, while its pension fund deficit is £500 million. It is hoped that £200 million will be generated from the brand sale to offset this debt pile.
Adviser Spayne Lindsay has been brought in to manage the sale of Premier Foods’ spreads business, understood to be worth £80 million. Its chilled pizzas and ready-meal maker, RF Brookes, is to be sold separately by Stamford Partners. The pickles part of the business is being sold by McQueen, and is expected to bring in £50 million for Premier.
RF Brookes’ food products are ‘white label’, that is prepared for rebranding, and are sold to retailers, caterers, and restaurant chains.
Michael Clarke, Premier’s CEO, said: “Clearly it is a business with significant challenges. We plan to dispose of businesses where we add little or no value, and have little strategic fit.”
Premier Foods has promised to focus on its Ambrosia, Hovis, Batchelors, Bisto, Lloyd Grossman, Oxo, Mr Kipling and Sharwood’s brands.
Premier Foods has also sold off its Quorn brand for £205 million and canning business for £182 million in the past year to address its increasing debts.
Previous story on its canning business.
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