Premier Foods sells Branston pickles
Debt-laden food manufacturer Premier Foods announced the conditional sale of its sweet pickles and table sauces business to Japanese firm Mizkan Group for 92.5m pounds.
Debt-laden food manufacturer Premier Foods announced the conditional sale of its sweet pickles and table sauces business to Japanese firm Mizkan Group for 92.5m pounds.
The deal, which is subject to approval by Premier Foods' shareholders and consent from its banking syndicate, should be completed in 2013.
Premier Foods has sold several of its well known brands such as its Robertson's jam and Sarson's vinegar. This latest sale means the group will have delivered around £370m in disposal proceeds since March 2012, exceeding the £330m target by June 2014 as part of its new financing arrangements.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The disposals represent a reduction of approximately 30% in the company's net debt since the position reported at the half year, the group explained.
The latest disposal includes Branston sweet pickle, ketchup, relish, salad cream and mayonnaise, together with the company's Bury St Edmunds factory in Suffolk.
Following the completion of the disposal, all employees at the site are expected to transfer to Mizkan.
Premier Foods Chief Executive Officer Michael Clarke said: We have exceeded our disposal target 20 months early while at the same time delivering three successive quarters of sales growth and taking £40m of overhead costs out of the business this year."
"We can now focus our attention on driving further momentum in our Grocery business and unlocking value in Bread."
CJ
-
Who is the richest person in the world?
The top five richest people in the world have a combined net worth of $825 billion. Who takes the crown for the richest person in the world?
By Vaishali Varu Published
-
Top 10 stocks with highest growth over past decade - from Nvidia, Microsoft to Netflix, which companies made you the most money?
We reveal the 10 global companies with the biggest returns since 2013. One firm has posted an astonishing 9,870% return, meaning a £1,000 investment would now be worth almost £82,000.
By Ruth Emery Published