Tate & Lyle sells molasses unit

Tate & Lyle is selling its molasses distribution business for £67m cash to the Northern Irish company W&R Barnett. The deal marks the final disposal of Tate & Lyle's historic British sugar business, after it sold its European refining interests to American Sugar Refining in the summer for £211m.

Tate's chief executive, Javed Ahmed, is looking to refocus the company on its ingredients division. "Tate & Lyle's clear priority is to grow its Speciality Food Ingredients business," he said. "This disposal represents another important step as we focus, fix and grow our business."