UK: Greencore over-paid for Uniq, claims Samworth CEO

By: Dean Best | 4 October 2011

Greencore paid "silly price" for Uniq, said Samworth Brothers' Stein

Irish food company Greencore paid too much for Uniq, according to the chief executive of Samworth Brothers, which had been a rival suitor for the UK sandwich-to-desserts firm.

Samworth CEO Brian Stein said Greencore paid "a silly price" when it acquired Uniq earlier this year. In July, Greencore tabled an offer of GBP113m for Uniq and the deal was completed last month.

Speaking to just-food, Stein said Samworth, which owns the Ginsters brand and makes a range of private-label products for UK retailers, said the company was in the running for Uniq when it was put for sale in April.

"We were very interested in Uniq when it came up for sale. We put in a bid for Uniq that we thought was a very fair price and we lost out to somebody that was prepared to pay a silly price. We'll see over time that that was a silly price," Stein said.

Samworth "constantly" looks at the acquisition opportunities that arise in the market, Stein said. He argued that the UK convenience food sector, which has seen a number of deals in recent years, will see more consolidation following what he called a "very, very challenging" period for manufacturers.

For more of just-food's interview with Samworth Brothers CEO Brian Stein, click here.

Sectors: Chilled foods, Mergers & acquisitions, Private label

Companies: Uniq, Greencore, Samworth Brothers

View next/previous articles

4 Oct 2011 -

BRAZIL: JBS, Marfrig deny Minerva merger talk

4 Oct 2011 -

BRAZIL/ARGENTINA: Brasil Foods buys Avex and Grupo Dánica

Currently reading -

UK: Greencore over-paid for Uniq, claims Samworth CEO

4 Oct 2011 -

NZ: Zespri staff face job losses

4 Oct 2011 -

GLOBAL: Arla Foods relaunches House of Castello brand

There are currently no comments on this article

Be the first to comment on this article

Related research

Uniq plc- Strategy and SWOT Report

Uniq plc - Strategy and SWOT Report, is a source of comprehensive company data and information. The report covers the company’s structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360° view of the com...

Uniq plc: Company Profile and SWOT Analysis

ICD Research's "Uniq plc: Company Profile and SWOT Analysis" contains in depth information and data about the company and its operations. The profile contains a company overview, business description, financial ratios, competitor benchmarking data, S...

Greencore Group plc (GNC) - Financial and Strategic SWOT Analysis Review

This comprehensive SWOT profile of Greencore Group plc provides you an in-depth strategic SWOT analysis of the company’s businesses and operations. The profile has been compiled by GlobalData to bring to you a clear and an unbiased view of the compan...