2 Sisters Food Group has agreed to sell its Manton Wood sandwich business to Samworth Brothers, the owner of the Ginsters pasty brand, for an undisclosed sum.
Located in Manton Wood, Nottinghamshire, the business produces a range of ready-made chilled sandwiches, wraps and rolls for retailers in the UK.
The completion of the transaction is subject to regulatory approval, which 2 Sisters estimates will be completed in the next few months, and the company says that the divestment is ‘another major step in transforming the business’, allowing it to focus on its core business operations.
Ranjit Singh, president of Boparan Holdings Ltd, said: “This transaction is a significant deal and marks another positive step forward in the transformation of our business.
“It further strengthens our balance sheet, with a combined total of more than £350m in cash proceeds from the three disposals we have made in the past six months.
“As a group we are following through with our promises and focusing on our key strengths.
“This deal ensures Manton Wood is sold to a good new home that will enable it to continue to flourish and thrive.
“Any sale we make has to be at the right time, with the right buyer, and it has to be a deal that fits with our long-term strategy. This deal does just that.”
Ronald Kers, CEO of 2 Sisters Food Group added: “Our transformation is progressing well as we continue to give greater focus on our core, strengthen our management team and improve our operational performance.”
2 Sisters has made a series of actions to restructure its business in the last few months, including the sale of its red meat arm to Kepak Group in July.
In August, the company revealed that it will merge its UK poultry and added value divisions, with Keith Packer, the managing director of its UK poultry business, leading the merged divisions.
© FoodBev Media Ltd 2019
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