Valeo has been acquisitive of late

Valeo has been acquisitive of late

Ireland's Valeo Foods Group has reportedly cut jobs at a confectionery plant in the UK.

Local newspaper Wakefield Express said the private-equity-owned Valeo had made 37 staff at its site in the Yorkshire town of Pontefract redundant in response to falling sales.

just-food has approached Valeo for comment.

A spokesperson told the newspaper Valeo's confectionery business had endured falling sales amid the Covid-19 pandemic. "We've therefore had to take the very difficult decision to confirm our proposals, which result in a number of our colleagues being made redundant," the spokesperson was quoted as saying.

"During the consultation process we have reduced the number of redundancies required. We are incredibly thankful to our colleagues for all their hard work throughout a very challenging period."

The newspaper said the plant employed 162 staff.

Valeo, owned by private-equity firm CapVest, took on the factory when it acquired UK sweets group Tangerine Confectionery in 2018. Tangerine had been majority-owned by private-equity firm Blackstone since 2011.

Last month, Valeo snapped up German confectionery business Schluckwerder Holding. In the week before Christmas, Valeo announced it had struck a deal to buy UK snack maker It's All Good.

Since the turn of the year, there has been talk Valeo could be put up for sale by CapVest. 

Sky News has reported London-based CapVest has appointed Goldman Sachs to oversee a sale of the company in the coming months. 

just-food understands Goldman Sachs has been hired to work with the company but neither CapVest nor Valeo would comment on the suggestion a sale could be on the cards.