UK: Northern Foods sale progressing ‘satisfactorily’
Northern Foods has confirmed that the company is content with the progress it has made in the sale of its flour milling, cakes, speciality bread and chilled pastry divisions.
"The sale process is proceeding satisfactorily," a spokesperson for the company told just-food.
In May Northern Foods revealed that it intended to sell off around 40% of its business as it disposed of non-core and unprofitable units. Northern Foods sold its distribution business in July to a management-led, private-equity-backed buyout group for GBP51.2m (US$95.12m).
Delivering the company's interim results, finance director Jez Maiden said the firm had a number of potential bidders lined up. "The other four disposals, flour milling, speciality bread, chilled pastry and cakes businesses, are now under way," he said. "We have the information with potential bidders and we are expecting to have successful sales on each of those projects. We've got good interest across all four."
Companies: Northern Foods
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