Premier Foods plc has finalised the sale of two French bakery businesses for a combined GBP44m (US$61.8m).
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The UK’s largest food group has offloaded frozen patisserie business Martine Spécialités to a company controlled by private equity firm Cerea Capital.
Premier has also agreed the sale of Le Pain Croustillant to French bakery group Nutrixo.
Nutrixo has also struck a deal to buy Premier’s Sofrapain business in France. The transaction is expected to be completed during the second quarter of the year.
“The company’s strategy is to focus on the UK and Ireland,” a Premier spokesman said.
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By GlobalDataPremier is looking to reduce debts of GBP1.8bn and, as well as disposing of assets it deems as no longer central to the company’s future, there have been reports the group is preparing for a share issue.
The company has confirmed it is looking to refinance its debt but has refused to be drawn on which path it will eventually take.
Previously, it was believed that the company favoured a cash injection from private equity sources as a means to reduce its debt mountain.
