Fri, 01 Apr 2011 | BUSINESS SALE
Sandwich manufacturer, Uniq, has been put up for sale by its pension trustees, who only took on the troubled company just a month ago.
The convenience food maker had a pension deficit of around six times its market value when the company yielded 90 per cent of its shares to the trustees in February. The trustees announced on Friday, however, that they are now exploring deals with some third parties that have expressed interest in making an offer for or investing in Uniq.
Renowned food and drink industry experts, Spayne Lindsay & Co. LLP, have been appointed as the corporate finance advisers for the company, which sells desserts, sandwiches and salads to some of the UK's leading food retailers, including Marks and Spencer.
It is understood that the pension trustees want to realise some or all of their shareholding in the company. The pension deficit that was wiped out in February was thought to be valued in the region of £400 million.
The company had at one point been the UK's biggest dairy supplier but suffered from adverse market conditions to a point where its value was put at little more than £7 million. Recorded sales for the year to 31st December 2009 were £287 million with a net loss of £18.5 million.
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