Struggling sandwich and ready meal maker Uniq has declined to comment on reports that it intends to sell-off underperforming parts of the business.
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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.
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By GlobalDataThe 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.
