Thu, 05 Jan 2012 | DIVISION SALE
The famed Fray Bentos canned meat pie brand and business has been sold by its owner, Princes Food.
Princes has sold the recognisable brand to rival company Baxters Food Group, after the Office of Fair Trading (OFT) expressed concerns that Princes' purchase of Premier's canning business would leave the Liverpool-based company owning 100 per cent of the UK's tinned food production.
The sale of the Fray Bentos brand will mean that the merger between Princes and the former Premier Foods operations will avoid having to be reported to the competition commission.
A Princes spokesman confirmed the sale to the Liverpool Daily Post, stating, "Princes has completed the sale of the Fray Bentos business and brand to Baxters Food Group, following approval by the Office of Fair Trading."
OFT economist, Amelia Fletcher, explained, "The sale of the Fray Bentos brand to Baxters will restore pre-merger levels of competition for the benefit of consumers. The OFT believes that Baxters, with its extensive experience in the sector, is a suitable purchaser for the business."
Princes experienced record sales in the year to March 2011, totalling £1.18 billion, according to accounts filed with Companies House. Its sales grew by 8 per cent during the period, leaving them with a 5 per cent rise in their after-tax profits, which amounted to £27.6 million.
Princes is one of Britain's biggest manufacturers and importers of food and drink, employing more than 4,500 at production sites and offices across the globe. Its brands include Aqua Pura, Jucee, Napolina and Shippams.
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