Japan brings out the Branston with £93m buy from Premier
Premier Foods is to sell its sweet pickles and sauces business, including its nearly 200-year-old Branston brand, to a Japanese company for £93m as part of its strategy to offload units to reduce its £1bn-plus debt mountain.
The disposal by the owner of Hovis bread is the second deal it has struck with Mizkan in the last three months after it completed the sale of its vinegar and sour pickles division, including the Sarson's and Haywards brands, to the company for £41m in July.
Premier Foods said yesterday's £92.5m sale includes the Branston sweet pickle, ketchup, relish, salad cream and mayonnaise, as well as its factory in Bury St Edmunds, Suffolk. Once the deal is completed next year, the food manufacturer will have raised £370m from disposals since March, ahead of its target of £330m by June 2014 to help slash net debt of £1.3bn.
Mizkan chief executive Kazuhide Matazaemon Nakano said: "Branston Sweet Pickle is an iconic brand that has established a market-leading position." Branston, which had turnover of £35m last year, was first produced in an eponymous district of Burton upon Trent, Staffordshire, in 1829.
It was developed into a brand by Crosse & Blackwell in 1922 and acquired by Premier Foods from Nestlé in 2002.
Shares in Premier Foods yesterday rose by 7.5pp, or 7 per cent, to109p.
- 1 Mother fed her daughter tapeworms to make her skinny for beauty pageant
- 3 Crystal Palace next manager latest: Palace consider Ally McCoist - EXCLUSIVE
- 4 ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
- 5 Tim Sherwood column: 'It started as a three-horse race but turned into the Grand National'
'Alien thigh bone' on Mars: Excitement from alien hunters at 'evidence' of extraterrestrial life
West poised to join forces with Assad in face of Islamic State
Pamela Anderson rejects ice bucket challenge because of ALS experiments on animals: 'Mice had holes drilled into their skulls'
James Foley 'beheaded': Isis video shows militant with British accent 'execute US journalist' – as hunt begins for killer
ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
Richard Dawkins on babies with Down Syndrome: 'Abort it and try again – it would be immoral to bring it into the world'
Scottish independence: English people overwhelmingly want Scotland to stay in the UK
Isis threat: Cameron wants an alliance with Iran
Michael Brown shooting: Chaos erupts on the streets of Ferguson after autopsy shows teenager was shot six times – twice in the head
Disgusting, frustrating, but intriguing: how the country really feels about its politicians
Bin bag full of cats' heads discovered near Manchester's Curry Mile
iJobs Money & Business
£20000 - £27000 per annum: Harrington Starr: Service Desk Analyst- (Desktop Su...
£25000 - £35000 per annum: Harrington Starr: Service Desk Analyst - (Active Di...
£30000 - £50000 per annum: Harrington Starr: Junior Quant Analyst - C++, Boost...
£30000 - £50000 per annum: Harrington Starr: Junior Quant Analyst (Machine Lea...