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 for £30 million in cash, and sold four Irish brands – Chivers, Gateaux, McDonnells and the Erin licence – to The Boyne Valley Group for €41.4 million.
The disposals are in line with new chief executive Michael Clarke’s strategy of focusing investment behind eight ‘power brands’ and selling off selected businesses to facilitate deleveraging of the business.
The Hartley’s and Haywards businesses are expected to be sold separately to either trade buyers or private equity firms.
