Financiere Turenne Lafayette in talks over sale of another asset - Just Food
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Financiere Turenne Lafayette in talks over sale of another asset

06 Jun 2017

French food holdings group Financière Turenne Lafayette, which has been selling off assets after falling into financial trouble, is in discussions with potential suitors for its salad-to-pizza unit.

Financiere Turenne Lafayette in talks over sale of another asset

French food holdings group Financiere Turenne Lafayette, which has been selling off assets after falling into financial trouble, is in discussions with potential suitors for its salad-to-pizza unit.

A spokesperson for FTL said the business was “in contact” with “companies that have expressed interest” in the division, which includes salad supplier Geo and pizza maker Som’Baker.

On Sunday (3 June), FTL revealed two French food businesses – Cofigeo and Arterris – had made a joint takeover offer for its ready meals business, which houses brands including William Saurin.

FTL has been offloading assets since an audit, published in December, revealed falsification of the group’s accounts. The audit followed the death of company founder, president and sole owner, Monique Piffaut, in November.

Following the publication of the audit, the French state signed off emergency aid of EUR70m to FTL, which at the time employed around 3,200 staff.

In April, FTL accepted a takeover offer for its charcuterie business from local pork giant Cooperl. Last month, French firm Pastacorp said it had tabled a bid for FTL’s fresh pasta business.

The FTL spokesperson said the Paris commercial court will rule on the Pastacorp and Cooperl offers on 13 and 15 June respectively.