Princes reveals business review

By Michelle Perrett

- Last updated on GMT

Princes is reviewing its business
Princes is reviewing its business

Related tags: Pasteurization, Juice

Food and drink company Princes has confirmed it is conducting a review of its manufacturing business.

The company, which processes branded fruit juice and canned food, told FoodManufacture.co.uk​ no further information could be disclosed until the review was completed.

Princes has 11 manufacturing sites in the UK, including Bradford, Belvedere, Cardiff, Chichester, Eden Valley, Erith, Glasgow, Long Sutton, Manchester and Wisbech.

The news was revealed after a source told FoodManufacture.co.uk ​that the Princes juice facility in Newton Heath, Manchester, was to close, with production moving to Cardiff.

Review

However, a Princes spokesman said no decision had yet been made.

He said: “We are conducting a review of our business and operations, and until this process is complete, no further information can be disclosed. No decision has been made regarding the future of the Manchester site.”

Princes owns a portfolio of household brands and produces and distributes others under licence. Its brands include Princes, Crosse & Blackwell, Aqua Pura, Jucee and Napolina.

In its results for the year ended March 31 2017, group turnover at Princes was £1.5bn, slightly up on 2016 figures. However, profit before tax and impairment charges was £28.7M, down from £51.4M in 2016.

Strategic

The company also revealed in the results that it was conducting a strategic review of operational performance of the group’s manufacturing sites, which resulted in an impairment charge of £19.3M.

Group profit for the year ended March 31 2017, after taxation and minority interests, amounted to £519,000 (£43.5M in 2016).

Related topics: Business News

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