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.
In a prime location, this freehold business opportunity includes a detached, well-equipped bakery factory along with a retail outlet and cafe, all part of a family business with a century of trading history.
Established in key industries like power generation and rail, this company offers specialised electrical and engineering services across the UK and Ireland, boasting strong relationships with blue-chip clients and a reliable income stream.
This well-established company has a decade-long track record in a growing market and is fully relocatable or can be operated remotely, providing flexibility for the new owner.
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.