Britain’s biggest food manufacturer Premier Foods has confirmed the completion of the sale of its sweet pickles and table sauces business to Mizkan for £92.5M in cash.
The sale includes Branston sweet pickle, ketchup, relish, salad cream and mayonnaise, plus the company’s Bury St Edmunds factory in Suffolk.
Announcing the sale last October, former Premier Foods ceo Michael Clarke said: “I’m delighted to 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.”
Clarke’s shock resignation from Premier Foods last month shocked City analysts and send shares in the debt-laden food manufacturer tumbling.
Gavin Darby will take over the role of Premier Foods ceo from today (February 4).