Northern buys maker of Poppets for pounds 10m
NORTHERN FOODS, the food producer, yesterday bought the Paynes confectionery business from tea company James Finlay for around pounds 10m in cash.
Paynes's turnover in 1997 was pounds 17m, and it came in with pre-tax profits of pounds 141,000. Its products include the chocolate confectionery brands Poppets and Just Brazils, and Lift instant lemon tea.
The move is the final stage of James Finlay's restructuring, and follows the sale of its financial services arm and other non-core businesses.
The proceeds of the sale will be used to buy tea plantations in Sri Lanka, the company said.
Photograph: Mykel Nicolaou
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies