China Firm 'Ready To Buy' Britain's Weetabix
Weetabix could be bought by a Chinese state-backed food company which has renewed its hunger for British brands.
Shanghai firm Bright Food has been in talks with Lion Capital, Weetabix's private equity owner, for several weeks, according to the Sunday Times.
Weetabix dates back to 1932 and was family owned until it was bought by Texan private equity firm, Hicks, Muse, Tate and Furst in 2004 for £642m.
It is thought Bright Food has placed a value of around £1bn on the Northamptonshire-based business.
The British brand is sold in 80 countries, employs around 2,000 people and generates annual sales of £423m.
In 2010, Weetabix accounted for 7% of the country's total cereal sales with annual revenues in excess of £100m.
Other brands in its portfolio include Alpen, Ready brek and Oatibix.
Bright Food later denied it had plans to buy Weetabix, according to The Grocer.
In 2010, it failed in a £2bn deal to buy United Biscuits, the company behind Hula Hoops and Jaffa Cakes, and it later lost out in a stake of French yoghurt firm Yoplait.
Last year, Bright Foods announced a plan to purchase a 75% stake in Australian bread and chocolate firm Manassen Foods.
Bright Food is China's largest sugar producer and expected to see revenue growth of nearly 20% this year.
what do you think?
Globalisation -- Globalisation --Globalisation
Thank goodness for foriegn investment..........
Will there be anything that is worth having still in British ownership within the next 5 years?
All British food companies should be protected by legislation and kept in British ownership. Look how the Americans ruined our chocolates - no longer fit to eat! Chinese quality is bad enough in non-edible products - who knows what will be in Weetabix!!
The word "British" will soon be redundant - like most of our workforce.
Grant, you realy need to learn to read the article. This will be a Chinese firm buying the Company from a Texan private equity firm. Now unless they've moved Texas to the UK, how do you call that Foreign Investment
Neil....Are you saying texas & china are not Foriegn? i can read, can you?
so its off to china for wheatabix lock stock and barrel. theres nothing left in this country to care about any more its all been sold off to foriners. why did we fight the second world war for.
Sorry Grant, as we are in the UK, I assumed by " Foreign Investment " you were talking abut a company from overseas , i.e. Foreign, investing in the UK. That's what is normally referred to as Foreign Investment by those that understand it. I should have realised that you don't, and were talking gibberish as usual.
Neil....sorry if i went too fast for you. It was a general statement to say thank goodness for foreign investment in the uk. I think you assumed i meant New foriegn investment. My statement was a dig at the usual racists on here. Please try to keep up Neil.
Oh I se, so " Thank goodness for foriegn investment.......... " is really an anti-racist comment, made about an article that has nothing to do with foreign investment. !!! I bet you tell the same porkies to your plumbing customers when you don't really know what's wrong
What on earth are you on about Neil?? IT IS FOREIGN INVESTMENT, end of.