Premier Foods Says Batchelors Sale Has Not Passed 'Exploratory Stage'
Premier Foods has responded to speculation that it is selling its Batchelors brand, saying that discussions have not gone 'beyond an exploratory stage'.
Over the weekend, it was reported that the brand, which includes Super Noodles and Cup a Soup, could be up for sale to Japanese noodle company Nissin Foods.
However, in a statement released this morning, the British food group said that it has made no changes to its strategy, but 'regularly reviews options to deliver value for all its stakeholders'.
It added that these reviews periodically involve discussions with third parties, including Nissin, with which Premier Foods entered into a partnership in 2016.
The company, which also produces brands such as Bisto, Mr Kipling and Sharwoods, said it remains focused on its strategic objectives, such as reducing the ratio of net debt to EBITDA below three times.
In November, Premier Foods posted first-half revenue of £353.3 million, representing growth of 1.5% compared to the same period last year.
Chief executive Gavin Darby noted through the group's partnership with Nissan, Batchelors is now the fastest-growing major brand in its portfolio, following the launch of convenient pot-format products last year.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.