Greencore sells Budgetts for €9.05m

Greencore today announced it has sold its interest in its associate, Budgetts, to Napier Brown Foods for €9.05m.

Greencore owns one third of Budgetts with ED & F Man Holdings Limited, holding the balance, the disposal of which also forms part of this transaction.

Budgetts is a UK based distributor of sugar to the food and soft drinks industries.

The value of the transaction in Greencore is €9.05m, which will include 1,395,349 shares in Napier Brown Foods.

On the closing middle market quotation of 126.5p per ordinary share on July 6, these shares are valued at €2.63m.

Commenting on the sale, Greencore’s Chief Executive, David Dilger, said “The sale of our interest in Budgetts to Napier Brown will enable Greencore to continue to sharpen its focus on its growing convenience food activities.”