UK-based Brakes Group has refused to confirm speculation that the company is up for sale.
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Brakes told just-food today (1 May) that it is unable to confirm that a decision to sell the business has been reached.
“While we are undertaking a strategic review, we have yet to announce any move to sell the business,” a spokesperson for the company said.
Speculation over potential buyers has intensified with former Asda chief Archie Norman linked to a possible bid for the catering food supplier.
Norman, who oversaw the revival of supermarket chain Asda in the 1990s, is purportedly planning a GBP1.3bn (US$2.6bn) bid for Brakes in collaboration with either Blackstone and Bain Capital or CVC and Cinven, The Times reported today.
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By GlobalDataAccording to the report, investment banks JPMorgan and Deutsche Bank have been hired to sell the company.
Norman has also been recently linked to Australian conglomerate Wesfarmers bid to acquire Coles Group. Although Wesfarmers said yesterday that the details of his involvement were yet to be finalised, Norman is expected to take an advisory role with the consortium.
