2 Sisters Food Group, the UK’s third-largest food company, has sold its Manton Wood sandwich business for an undisclosed sum to Samworth brothers, a food manufacturing company based in Leicester.
The sale of Manton Wood is the third non-core business that 2 Sisters has offloaded in the past six months, including the sale of its Goodfella’s pizza business for £200m (€227m) and its red meat business to Kepak for an undisclosed fee. According to 2 Sisters, these three disposals have delivered more than £350m (€400m) in cash proceeds.
Over the last two years, profit margins in 2 Sisters have been steadily eroded and the group racked up net losses of some £44m in 2017. This forced Ranjit Singh, the billionaire owner of 2 Sisters, to look at restructuring options in a bid to turn the business around.
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Ronald Kers, chief executive of 2 Sisters Food Group, said the sale would continue to allow the company to focus on its core business producing private label poultry products for the UK’s major retailers.
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2 Sisters Food Group, the UK’s third-largest food company, has sold its Manton Wood sandwich business for an undisclosed sum to Samworth brothers, a food manufacturing company based in Leicester.
The sale of Manton Wood is the third non-core business that 2 Sisters has offloaded in the past six months, including the sale of its Goodfella’s pizza business for £200m (€227m) and its red meat business to Kepak for an undisclosed fee. According to 2 Sisters, these three disposals have delivered more than £350m (€400m) in cash proceeds.
Over the last two years, profit margins in 2 Sisters have been steadily eroded and the group racked up net losses of some £44m in 2017. This forced Ranjit Singh, the billionaire owner of 2 Sisters, to look at restructuring options in a bid to turn the business around.
Ronald Kers, chief executive of 2 Sisters Food Group, said the sale would continue to allow the company to focus on its core business producing private label poultry products for the UK’s major retailers.
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