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Tag "Premier Foods"

Premier Foods Disposing of Sweet Spreads and Jellies Business to Hain Celestial

    Premier Foods Disposing of Sweet Spreads and Jellies Business to Hain Celestial

Premier Foods has agreed to sell its sweet spreads and jellies business, including the Hartley’s, Robertson’s, Frank Cooper, Keiller, Gales and Sun-Pat brands, to The Hain Celestial Group for a cash and share consideration of £200 million. The sale, which is subject to approval by Premier Foods’ shareholders and consent from Premier Foods’ banking syndicate, […]

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Board Appointment at Premier Foods

    Board Appointment at Premier Foods

UK food group Premier Foods has appointed Jennifer Laing as a non executive director with effect from 1 October 2012. Jennifer Laing has over 30 years experience in brand building and communications including 16 years with Saatchi & Saatchi, twice as chairman of theLondonoffice, and culminating in her role as chairman and CEO of Saatchi […]

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Stability Returning to Premier Foods

    Stability Returning to Premier Foods

UK food processor Premier Foods has reported that its underlying business sales increased by 1.1% to £757.1 million in the six months to 30 June 2012, an increase of £8.0 million compared to the prior year, and that underlying business trading profit increased by 3.2% to £53.2 million. As Premier Foods is undergoing a period […]

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Premier Foods Sells Ethnic Flour Business to ABF

    Premier Foods Sells Ethnic Flour Business to ABF

Premier Foods has sold its Elephant Atta ethnic flour business to Westmill Foods, a subsidiary of Associated British Foods, for a cash consideration of £34 million. The agreement represents another step in Premier Foods’ strategy to prioritise investment behind its ‘power brands’ and divest selected, non-core businesses.
Elephant Atta is the UK’s leading brand of ethnic […]

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Premier Foods to Dispose of Vinegar and Sour Pickles Business

    Premier Foods to Dispose of Vinegar and Sour Pickles Business

Premier Foods is selling its vinegar and sour pickles business, including the Sarson’s, Haywards and Dufrais brands, to Japan-based Mizkan, for a cash consideration of £41 million. The sale is expected to complete by the end of July 2012.
The disposal represents a further step in Premier Foods’ strategy to prioritise investment behind its eight ‘power […]

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Retail Squeeze Intensifies on UK Food and Drink Manufacturers

    Retail Squeeze Intensifies on UK Food and Drink Manufacturers

Within British manufacturing, particular pressure is being felt by companies that supply the embattled UK retail sector. Some of the worst affected companies are food, non-alcoholic beverages and clothing manufacturers, finds new research from Company Watch. Company Watch, the financial health monitoring specialists, analysed the published financial accounts of the largest 681 UK food, non-alcoholic […]

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Profits Plunge at Premier Foods

    Profits Plunge at Premier Foods

Premier Foods has reported a 29.3% drop in trading profit for ongoing business to £173.7 million for 2011 on sales down 3.4% to £1.81 billion. The UK food group has been disposing of assets to reduce its debt mountain. The sales of the Meat-free, Canned grocery and Brookes Avana businesses realised total net proceeds of […]

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Premier Foods Announces Landmark Re-financing Package

    Premier Foods Announces Landmark Re-financing Package

Premier Foods has obtained unanimous consent from its banking syndicate, swap counterparties and pension schemes to the terms of a 4 ½ year re-financing package that will allow the company to execute its new growth strategies. The re-financing package is subject to the formalities of final documents being signed which are expected by the end […]

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Premier Foods to Close Hovis Bakery

    Premier Foods to Close Hovis Bakery

Premier Foods is to close its bakery at Eastleigh in Hampshire with the loss of 82 jobs. The bakery is the smallest of twelve sites in the UK producing Hovis bread.
The decision is part of Premier’s ongoing efforts to improve the utilisation and cost effectiveness of its Hovis supply chain. The bakery at Eastleigh is […]

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Premier Foods Launches £50 Million Marketing Push Behind Power Brands

    Premier Foods Launches £50 Million Marketing Push Behind Power Brands

Premier Foods has commenced a concerted programme of TV advertising as part of its strategy to double marketing spend to more than £50 million in 2012 to help restore growth. Investment is being prioritised behind the company’s eight Power Brands of Ambrosia, Batchelors, Bisto, Hovis, Loyd Grossman, Mr Kipling, Oxo and Sharwood’s with TV spots […]

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Premier Foods to Cut 600 Jobs as it Doubles Cost Reduction Target

    Premier Foods to Cut 600 Jobs as it Doubles Cost Reduction Target

Premier Foods expects to more than double the original £20 million cost reduction target, set last year, to over £40 million by 2013 by creating a stronger and more efficient business that will help release funds to invest behind driving the group’s recovery and growth plans. To achieve this target, every aspect of the company’s […]

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Premier Foods to Make Further Disposals

    Premier Foods to Make Further Disposals

Premier Foods is reported to be planning to sell its Hartley’s jams and Haywards pickles businesses in order to raise upwards of £200 million and to reduce its debt burden. The UK food group recently disposed of its loss-making Brookes Avana business, comprising RF Brookes chilled foods and Avana Bakeries, to 2 Sisters Food Group […]

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Premier Foods Completes Disposal of Brookes Avana

    Premier Foods Completes Disposal of Brookes Avana

Premier Foods has completed the disposal of its loss-making Brookes Avana business, comprising RF Brookes chilled foods and Avana Bakeries, to 2 Sisters Food Group for £30 million in cash. Brookes Avana supplies chilled convenience products, including ready meals, accompaniments, chilled pizza and pies. Avana is one of the UK’s leading suppliers of high quality […]

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Premier Foods Sells Four Irish Brands For €41 Million

    Premier Foods Sells Four Irish Brands For €41 Million

Premier Foods is selling its four Irish brands comprising Chivers, Gateaux, McDonnells and the Erin licence to The Boyne Valley Group for a gross cash consideration of €41.4 million. The disposal represents a further step in Premier’s strategy to focus investment behind its eight ‘power brands’ and follows its recent announcement to sell its chilled […]

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Premier Foods Sells Brookes Avana to 2 Sisters For £30 Million

    Premier Foods Sells Brookes Avana to 2 Sisters For £30 Million

Premier Foods has agreed to sell its loss-making Brookes Avana business comprising of RF Brookes chilled foods and Avana Bakeries to 2 Sisters Food Group for £30 million in cash. The move represents an important step in streamlining Premier’s portfolio following its announcement in October that it will focus investment behind eight ‘power brands’ and […]

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New Finance Director at Premier Foods

    New Finance Director at Premier Foods

Michael Clarke, who joined Premier Foods during the summer as chief executive, has completed assembling his new leadership team with the appointment of Mark Moran as executive director and chief financial officer, replacing Jim Smart, who joined the group in 2009. Mark Moran’s most recent appointment was as group finance director of SSL International, a […]

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Changes to Leadership Team at Premier Foods

    Changes to Leadership Team at Premier Foods

UK food group Premier Foods has announced changes to its leadership team to strengthen focus on the company’s renewed growth plan, under new chief executive Michael Clarke. In the new structure, commercial leadership responsibilities will be split between the grocery and newly configured bakery businesses with the creation of two new group executive roles of […]

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Profits Warning From Premier Foods

    Profits Warning From Premier Foods

Michael Clarke, the new chief executive of Premier Foods, has warned that full year trading profit is likely to be below market expectations. Trading in the UK food manufacturing group’s third quarter illustrates that the consumer environment remains challenging. Premier’s grocery division will not meet last year’s profit in the second half as previously expected. […]

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Profits Plummet at Premier Foods

    Profits Plummet at Premier Foods

Premier Food, the UK’s largest food producer, has reported a 28.7% drop in trading profit to £67m for the first half ended June 25th 2011. Sales from ongoing business, excluding the canning and meat-free businesses, slipped 0.9% to £974m.
 
Trading profit was affected by four major factors: First, commodity costs increased by 14% year-on-year; equivalent to […]

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Princes Completes £182 Million Canning Acquisition

    Princes Completes £182 Million Canning Acquisition

Princes Group, which is owned by Mitsubishi Corporation, has completed the £182m acquisition of Premier Foods’ East Anglian canning operations to extend its presence in the UK ambient foods market. The acquisition includes two major UK canning sites at Long Sutton and Wisbech in East Anglia, along with a number of brands including Crosse & […]

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Premier Foods Appoints New Chief Executive

    Premier Foods Appoints New Chief Executive

Premier Foods has appointed Mike Clarke, currently president of Kraft Foods Europe, as chief executive with effect from 1st September 2011. Mike Clarke is one of the most senior executives in the European food industry.
In his role at Kraft he was responsible for managing the group’s entire European business, with revenues of $13b, 58 manufacturing […]

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Fray Bentos Put Up For Sale

    Fray Bentos Put Up For Sale

Premier Foods, the UK’s largest domestic food processor, and Princes, the British food and drink company owned by Mitsubishi, are to dispose of the Fray Bentos brand. The move is being made in order to allay the concerns of the Office of Fair Trading regarding the agreed sale of Premier’s canned business, including the Fray […]

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Head of Premier Foods to Retire

  Head of Premier Foods to Retire

Premier Foods has announced that its chief executive, Robert Schofield, intends to retire on the appointment of his successor or no later than 28th April 2012. The board has appointed a committee headed by chairman Ronnie Bell to oversee a comprehensive search for a new chief executive, taking both internal and external candidates into consideration.
Robert […]

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Boparan Starts Delisting of Northern Foods

  Boparan Starts Delisting of Northern Foods

Boparan Holdings has started the process of delisting Northern Foods’ shares from the London Stock Exchange after its £340m offer for the UK convenience food company was declared unconditional in all respects. It is anticipated that cancellation of the listing will take effect on or around May 11th 2011. Northern Foods will then be re-registered […]

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Boparan’s Offer For Northern Foods Declared Unconditional

  Boparan’s Offer For Northern Foods Declared Unconditional

Boparan Holdings, which incorporates the 2 Sisters poultry group, is nearing completion of its £342 million acquisition of Northern Foods. Having now effectively gained control of 79.5% of Northern Foods, the offer has been declared unconditional.
The deal will create a new powerhouse, with a turnover of more than £2 billion, within the British convenience foods […]

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Quorn Foods Created Following £205m Acquisition

  Quorn Foods Created Following £205m Acquisition

Following completion of its £205m acquisition the meat-free business of Premier Foods, Exponent Private Equity has announced the creation of a new international food company, Quorn Foods. Headquartered in Stokesley, North Yorkshire, England, Quorn Foods makes and markets Quorn, the UK’s leading meat alternative brand, and Cauldron, the UK’s number one tofu brand.
The new company […]

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Premier Foods in the Red But Debt Level Reduced

  Premier Foods in the Red But Debt Level Reduced

Premier Foods, the UK’s largest food producer, has reported a pre-tax operating loss of £98m, against a profit of £42m in 2009, on a continuing basis for 2010 after a £125m goodwill impairment at its Brookes Avana own label bakery and prepared food business. Group turnover dipped by 3.5% to £ 2.57b due to lower […]

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Premier Foods to Sell Canned Grocery Operation to Princes For £182m

  Premier Foods to Sell Canned Grocery Operation to Princes For £182m

Premier Foods has agreed to sell its East Anglian canned grocery operations to Princes for £182m. The sale is in line with Premier’s strategy of reducing debt and follows the proposed disposal of its meat-free business.
The canned operations are part of the Premier’s grocery division and have two manufacturing sites in the UK at Long […]

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More UK Food and Drink Companies Commit to Reduce Environmental Impact

  More UK Food and Drink Companies Commit to Reduce Environmental Impact

Associated British Foods, Coca-Cola Enterprises, Kraft Foods and Premier Foods are among the major UK food and drink companies to sign up to the second phase of the Courtauld Commitment, launched in 2010.
The Courtauld Commitment is a voluntary agreement run by waste advisory body WRAP (Waste & Resources Action Programme) and helps businesses to improve […]

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Premier Foods Disposes of Meat-free Business for £205 Million

  Premier Foods Disposes of Meat-free Business for £205 Million

Premier Foods is selling its meat-free business, which manufactures and sells products under the Quorn and Cauldron brands, to Exponent Private Equity and Intermediate Capital Group for £205m. The business being sold is expected to report sales of £128.8m and EBITDA of £19.3m in the year to 31st December 2010. The price represents a multiple […]

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Campbell Soup Returns to the UK

  Campbell Soup Returns to the UK

US-based food group Campbell Soup Company has entered into an agreement with Leeds-based dry food manufacturer, Symington’s, to launch a range of Campbell’s branded dry soups and pasta and rice meals in the UK. Under the terms of the agreement, Symington’s is responsible for product development, production and distribution of the products, while Campbell will […]

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Premier Foods Moves Closer to Meat-free Disposal

  Premier Foods Moves Closer to Meat-free Disposal

Premier Foods has confirmed that it has received bids for its meat-free business, incorporating the Quorn brand, from a number of parties, including multinational food groups and private equity firms. Discussions are proceeding and are at an advanced stage with two potential buyers.
Nestle is reported to be one of the food group’s interested in Premier […]

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Princes Eyes Premier’s Canning Business

  Princes Eyes Premier’s Canning Business

UK-based food and drink group Princes, which is owned by Mitsubishi of Japan, is reported to be one of the potential buyers of Premier Foods’ canning operations in East Anglia, England. Incorporating sites at Wisbech in Cambridgeshire and Long Sutton in Lincolnshire, Premier’s canning business is valued at up to £250m by some analysts.
Loyd Grossman […]

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Premier Foods Approached About Sale of Canning Operations

  Premier Foods Approached About Sale of Canning Operations

Premier Foods, the UK’s largest domestic food processor, has confirmed that it has received approaches regarding a possible sale of its East Anglian canning operations. Since its £1.2b acquisition of RHM in February 2007 shortly after its £480m purchase of Campbell Soup’s British and Irish operations, Premier Foods has struggled with its billion-pound debt mountain. […]

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Premier Foods Encounters Worsening UK Consumer Environment

  Premier Foods Encounters Worsening UK Consumer Environment

Premier Foods, the UK’s largest domestic food processor, has reported that the British consumer environment has become markedly tougher in the third quarter. Sales of its branded products slipped by 0.5%, despite volume growth of 4.5%, during the quarter and total group sales were down 4.2% owing to a reduction in non-branded sales, which fell […]

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Premier Foods Receives Approaches for Meat Free Business

  Premier Foods Receives Approaches for Meat Free Business

Premier Foods, the UK’s largest domestic food processor, has received approaches that may or may not lead to a sale of its meat free business, including the Quorn brand. The disposal of the business, which analysts estimate to be worth between £200m and £250m, would help Premier reduce its debt burden following a series of […]

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Premier Foods Increases Branded Sales in First Half

  Premier Foods Increases Branded Sales in First Half

Premier Foods, the UK’s largest domestic food processor, has increased operating profit by £40m to £67m for the six months to 30th June 2010 following the completion of exceptional integration expenditure in 2009. However, trading profit declined 6% to £110m reflecting £11m of additional pension, marketing and restructuring costs.
Although the group’s brands are trading well […]

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New Chairman For Premier Foods

  New Chairman For Premier Foods

Premier Foods, the UK’s largest domestic food processor, has appointed Ronnie Bell, the former president of Kraft Foods Europe, as non-executive chairman with effect from 1st October 2010. Ronnie Bell spent 30 years with Kraft, the world’s second largest food company. During this time he held a number of senior management appointments culminating in his […]

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