Mon, 09 Jul 2012 | BUSINESS SALE
Premier Foods has continued to sell off some of its businesses, offloading chapatti flour business Elephant Atta to Associated British Foods (ABF).
The sale has gone through for £34 million and will see ABF take on the Southampton-based plant and other business assets.
George Weston, chief executive at ABF, noted that the firm is the "leading ethnic flour brand", adding that it will "complement" the group's other ethnic brands, which include Tolly Boy rice, Rajah spices, Lucky Boat noodles and Patak's pastes and sauces.
Premier Foods is selling off a number of its brands in order to focus on eight key areas of business, including Hovis breads, in an effort to reduce its substantial debts. It has already sold Sarsons vinegar for £41 million to Japan's Mizkan and is set to sell off Bird's custard and Harley's jam in the near future.
Clive Black from Shore Capital told the Guardian: "For Premier this deal brings in another relatively modest block of necessary funds to meet the commitments that it has made to its lenders to deleverage; well over £350 million has to be brought in over the next couple of years."
He added that the disposal should help to improve Premier's position in the stock markets although there is some work to be done yet before the business is stable again.
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