Fri, 15 Jun 2012 | BUSINESS SALE
Premier Foods is continuing to sell a number of its brands in a bid to concentrate its strategy on eight 'power brands'.
The latest news sees the firm sell Sarson's and Dufrais vinegars and Haywards pickles to Japanese food producer Mizkan for £41 million.
Sarson's, which was established in 1794 by Thomas Sarson, is the best-selling vinegar brand in the UK, while the Haywards brand dates back to 1868.
The products are predominantly manufactured in Middleton near Manchester. According to Premier, all staff working on the condiments will transfer to Mizkan following the sale. However, the sale is not thought to include Premier's factory at Bury St Edmunds in Suffolk, where some of the Haywards pickles products are produced.
Premier is the UK's largest food manufacturer. Its decision to restructure came amid difficulties incurred through a huge pension scheme deficit and large debts from the purchase of brands including Homepride and Fray Bentos.
Renegotiations with its bank earlier this year gave it more time to repay the £1 billion worth of loans incurred but sales of certain brands were also required to secure the business's growth plans.
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