Value in spinning out Primark from Associated British Foods

Conglomerates were all the rage in the 1960s, but fell out of fashion along with the beehive hairdo. Primark is about to remind us why. The fast-growing clothing operation is part of Associated British Foods (ABF), whose other businesses include sugar processing, food ingredients and brands such as Twinings Tea, as well as agriculture.

It is an eclectic mix, but one that has rewarded investors handsomely.

In the past decade ABF has delivered a total return of 380%, compared with 47% for the FTSE All Share Index.