Equity firm nets £100m from Branston sale

The former owner of Premier Foods today looked to have raised more than £100m (€145m) from the sale of its remaining 20% stake in the Branston Pickle firm.

Private equity company Hicks, Muse, Tate & Furst owned 93% of Premier until a July stock market flotation reduced its holding down to 20%.

Details on today’s sale have not been disclosed, but a price of 220p is thought to have been achieved for the 49 million shares.

The stock is trading 3% lower at 225p following the placing, which involved a waiver by banks of lock-up arrangements preventing Hicks selling its stake within 180 days of the flotation.

Shares are currently just above July’s listing price of 215p, although a figure as high as 260p had been touted prior to the market debut.

Premier recently announced a healthy set of maiden results with all key brands - such as Typhoo Tea and Sun-Pat peanut butter – performing well.