Quorn sale to carve chunk out of Premier's debt
Monday 04 October 2010
Premier Foods yesterday said it was considering offers for its meat substitute business including "Quorn". The company said it had "received approaches" for the business – which could be worth up to £250m – and was now considering a possible sell-off.
Premier, whose brands include Bisto Gravy and Branston Pickle, wants to cut its £1.4bn debt mountain by up to £500m and a sale of Quorn would get it half way towards that target.
A successful disposal would also provide a welcome boost to Ronnie Bell, who took over as chairman on Friday. Premier first signalled that it was looking at disposals to cut debt at its interim results "provided they added value to the business".
International groups such as Unilever, Nestlé, or Danone are all seen as possible buyers for the business, which was bought for £172m in 2005.
Premier, run by chief executive Robert Schofield, recorded a pre-tax loss of £54m at the first half and said trading conditions were tough. Last year it received an approach for Mr Kipling cakes and there have even been rumours Hovis is up for sale.
International Women's Day 2014: The shocking statistics that show why it is still so important
Singapore sting: Sky-high prices are pushing locals to the edge of affordability
International Women’s Day: 'When a man gives his opinion, he's a man. When a woman gives her opinion, she's a bitch' - feminist quotes from female icons to inspire you
Exclusive: New evidence links the murders of Stephen Lawrence and a private investigator
Dead woman's body found sitting in a car after six years after direct debits ran $54,000 bank account dry
Britain's top vet sparks controversy with call for ban on slashing animals' throats in 'ritual' slaughters for halal and kosher meat products
Ukraine crisis: Russia dismisses '3am ultimatum' as 'total nonsense'
If you're horrified by a flame-roasted dog, you should be shocked at a hog roast
Poor 'live like animals' says Boris's privately educated sister after going on 'poverty safari'
White people become less racist just by moving to more diverse areas, study finds
Exclusive: Impact of immigrants on British workers ‘negligible’
- 1 International Women's Day 2014: The shocking statistics that show why it is still so important
- 2 Orgasm machine to deliver climax at the push of a button
- 3 Singapore sting: Sky-high prices are pushing locals to the edge of affordability
- 4 Liam Neeson turned down James Bond role because late wife Natasha Richardson said she wouldn't marry him if he took it
- 5 Dead woman's body found sitting in a car after six years after direct debits ran $54,000 bank account dry
iJobs Money & Business
£12000 per annum: Inspiring Interns: The company works with Tier 1 FTSE 100 Ba...
£32000 - £36000 per annum + generous benefits: Pro-Recruitment Group: * TAX * ...
£37000 - £40000 per annum + £20000 benefits package: Pro-Recruitment Group: **...
£30000 - £35000 per annum + generous benefits: Pro-Recruitment Group: Mixed Ta...