Campbell Soup Co Reportedly Gearing Up To Sell UK Crisp Maker
Published on May 7 2019 10:20 AM
It has been reported that UK crisp maker, Kettle Foods, could be up for sale after parent company Campbell Soup has hired advisers to assess its future.
As reported by the Irish Examiner, it is understood that the US company has hired Barclays to explore a sale of the UK business as it looks to generate cash.
The soup maker acquired the UK group in 2017 as part of its acquisition of Snyder’s-Lance, the US food group.
Kettle currently employs almost 500 people in the UK across two sites in Norfolk.
Sources close to the subject have estimated that the company could be worth somewhere between £50 million and £100 million.
Sources also confirmed that the intent to sell has come after Kettle has struggled of late as competition in the UK market increases.
The company reported an operating loss of £4.3 million in the first seven months of 2018.
Campbell Soup company has out a lot of effort in divesting its business in order to generate cash.
Following successive profit warnings, the group recently announced plans to sell its Bolthouse Farms business to a private equity firm for $510 million.
Last year it announced plans to sell its international and fresh food business following pressure from activist investors.
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