Tue, 24 Jan 2012 | DIVISION SALE
Premier Foods has commenced the sale of its Sarson’s Vinegar brand in a bid to secure new loan terms with its bankers by the end of March.
The sale of the Middleton pickles business - including Sarson's - also comes as Mike Clarke, the new chief executive, works to turn the company around.
The food group has also sped up the disposal process for its jams business, which has been on the market for some time already. It has been predicted that Hartley’s will be valued at around £170 million - £200 million.
It is thought the Sarson’s vinegar brand, which has been going for over two centuries, will generate £30 million in a sale. Potential buyers, bankers said, include food producer Symington’s, Princes, and oil and condiment firms based overseas.
Though a very old brand, Sarson’s is still a very popular condiment added to nearly nine in every ten portions of chips, the Financial Times said.
In November, Premier Foods’ lenders, headed by Royal Bank of Scotland and Lloyds Bank, granted the troubled company a grace period to the end of March. Premier aims to agree new loan terms in February.
Premier Foods share price has remained at around 30p for most of the past two years, where at its peak in 2007 the share price was 300p.
This is a unique opportunity to acquire valuable intellectual property assets from a well-established wholesaler with many years of experience in the discount food and non-food sector in the Midlands.
This is an opportunity to acquire a long-established specialist bakery business, supplying major UK supermarkets and boasting a fully equipped production facility with a skilled workforce.
Discover the rare chance to acquire a specialist UK supplier of marine engines and generators, noted for their leadership in the used marine engine market and hard-to-find parts.
17
|
Sep
|
Construction materials firm acquires civil engineering contractor | BUSINESS SALE
Fox Brothers Holdings, a private equity-backed construction ...
17
|
Sep
|
Assets and IP of non-HFSS bakery brand set to be sold in pre-pack deal | ADMINISTRATION
Urban Legend, a healthier sweet bakery brand, is poised to e...
17
|
Sep
|
Regional care home operator expands with double acquisition | BUSINESS SALE
Regional care home operator Maven Healthcare has expanded wi...
21
|
Aug
|
Premier Foods acquires Merchant Gourmet in £48m deal | BUSINESS SALE
Premier Foods has agreed a £48 million deal to acquire...
05
|
Nov
|
Food giant confirms talks over Hovis sale | BUSINESS SALE
Premier Foods has confirmed that it is engaged in ongoing ta...
04
|
Nov
|
Sainsbury's considers sale of banking division | DIVISION SALE
The new Sainsbury's boss has reportedly begun exploring...
Business Sale Report is the complete resource for finding genuine acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
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.