UK: Uniq silent on Pinneys salmon sale
Struggling sandwich and ready meal maker Uniq has declined to comment on reports that it intends to sell-off underperforming parts of the business.
The UK-based group, which has been hit by consumers under pressure from the economic downturn trading down, issued a profit warning in October. Last month, Uniq said fourth-quarter sales were down 3.8%.
However, the news that Uniq had had negotiated new credit facilities with lender Lloyds TSB brought some cheer to investors. The company said the new terms provided it with sufficient working capital to complete a restructuring plan started in 2006.
The recovery scheme has seen the firm sell-off its French spreads business and its Belgian salads operation. Uniq has also looked to cut costs out of the business.
As part of its effort to boost profitability, Uniq is reportedly mulling the sale of Pinneys, its smoked salmon business that supplies the Queen.
The Scottish business unit employs 700 people and generates about 6% of Uniq's group revenues.
According to reports, Uniq has hired corporate finance firm Stamford Partners to find buyers for Pinneys.
A spokesperson for the company told just-food: "Uniq is committed to a group-wide recovery plan, part of which is a constant review and assessment of all parts of the group."
However, the spokesperson declined to confirm that it is preparing to sell Pinneys.
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Uniq this morning (30 July) posted a pretax loss of GBP12.5m (US$20.6m) for the first-half, down from a profit of GBP3m for the comparable period of last year....
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UK-based food group Uniq has indicated that it intends to use the proceeds from its disposal of Marie, its French prepared meals business, to pay down debt, address its pension deficit and reinvest in...
French poultry group LDC has indicated that its acquisition of Marie from Uniq is expected to provide it with a foundation to expand its branded business in the French chilled and frozen prepared food...
French poultry group LDC has entered into exclusive talks to acquire Marie, the French chilled and frozen prepared food business of Uniq....
At a time of economic uncertainty - when our pages can sometimes make for gloomy reading - the confectionery sector was given cause for optimism last week...
An announcement regarding the sale of UK chilled food group Uniq's French business, Marie, is expected "in a matter of days", a spokesperson for the company told just-food....
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