According to a report in today’s (20 November) Daily Express, Northern Foods is expected to reveal in a matter of days that the previously announced disposal of four businesses has been completed at the price forecast.
The company told just-food it is currently unable to comment on the rumour.
The manufacturer of Goodfella’s Pizzas and Fox’s is expected to announce the sale of its cakes, flour, speciality bread and savoury pastries businesses to private equity group Vision Capital for GBP150m (US$284.65m). The company’s distribution unit, Northern Foods Transport, has already been sold for GBP51m. Northern had previously predicted the disposals would raise a combined total of GBP200m.
The disposals follow last week’s announcement that first-half profits slipped from GBP25.7m to GBP16m.