The latest news, trends, analysis, interviews and podcasts from the global food and beverage industry

Premier Foods has announced its £34 million acquisition of breakfast brand Fuel10k, expanding its presence within the breakfast meal category. Premier Foods is a large UK-based food manufacturer with a portfolio of well-known brands including Mr Kipling, Cadbury and Batchelors. This latest deal with Fuel10k follows Premier’s acquisition of Indian and South East Asian meal kit brand The Spice Tailor last July. Premier said the transaction, which completed on 29 October 2023, will substantially increase the group’s position in the breakfast category, building on its recent successful launch of Ambrosia porridge pots. The company will pay an initial consideration of £29.6 million, funded through its available cash reserves. A minimum further deferred consideration of £4 million will be payable in FY26/27, with any increment to this dependent upon certain growth targets. Fuel10k is a protein-enriched breakfast brand which Premier described as ‘on-trend’ in its statement announcing the acquisition. The brand’s portfolio includes granola and porridge alongside cookies and other protein-packed snacks. It has a track record of strong double-digit revenue growth over the last three years and is sold across major UK retailers, convenience channels and online. Alex Whitehouse, chief executive officer of Premier Foods, said: “Possessing a differentiated category position, with its protein-enriched product range and appealing to a younger demographic, we expect to deliver significant further profitable growth of Fuel10k through the deployment of our successful branded growth model”. Fuel10k’s co-founder, Barney Mauleverer, commented: “We are very excited to be passing the reigns on to the owner of such a great stable of UK brands. Having built the foundations from start-up, the FUEL10K brand is now primed to accelerate into the future and achieve even more great things.”