Premier will not suffer from the euro’s turmoil

By Nicholas Robinson contact

- Last updated on GMT

Premier Foods would not be a victim of the eurozone crisis, claimed Darby
Premier Foods would not be a victim of the eurozone crisis, claimed Darby

Related tags: European union, Gavin darby

Premier Foods will not become a victim of the eurozone crisis, its chief executive Gavin Darby has claimed, despite some analysts predicting it would cause rising problems for the UK’s food and drink industry.

Concerns about the stability of the euro have risen in recent months, particularly since the election of the left-wing Syriza party to power in Greece in January.

Greek debt mountain

While a short-term bail-out for Greece has just been agreed with the EU, fears remain that the euro could weaken further if a permanent solution to Greece's debt mountain is not found.

However, Premier Foods would be unlikely to suffer any worse than other food companies with a greater export exposure to eurozone countries, Darby told our sister title Food Manufacture.

“The UK accounts for 90% of our sales and, while we do export products, 92% of them are produced in factories here,”​ said Darby. “Of all the big food companies in the world, the one least affected by the eurozone crisis is Premier Foods. We do business in the pound and I think, for once, this is one of the challenges on the horizon for other companies.”

Plans to grow Premier’s exports to the US, Australia and China would also be unaffected by the crisis and most products would continue to be manufactured in the UK, said Darby.

Where necessary, contract manufacturers would be sought to boost exports as planned from 5% up to 15%, he revealed.

Meanwhile, don't miss our full interview​ with Darby in the March edition of Food Manufacture​.

Related topics: Bakery

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