The UK Cereal company Weetabix is to be sold to US firm Post Holdings for around £1.4bn.
Weetabix has been made in the UK since the 1930s but was put up for sale in January by China’s Bright Food, which bought a 60% stake back in 2012.
At the time, Bright’s acquisition of Weetabix was the largest by a Chinese firm, they took over Weetabix as they looked to break into the cereal market over in China. But it is believed Weetabix struggled to gain a significant share in the market as Chinese consumers prefer a hot, rice-based breakfast, rather than cold cereal.
Although Weetabix more than doubled there sales over in China in 2016, the UK still accounts for the majority of its sales. Having said that, a spokesman for Bright Food, insisted that the sale of Weetabix did not mean they were abandoning its global ambitions.
Expansion – Phebys – Accountants in Cambridgeshire
Weetabix, which is currently based in Northamptonshire, has a royal warrant and was family owned up until 2004, when it was bough by private equity firm, Lion Capital. Its main factory in Kettering produces more than three billion Weetabix biscuits every year.
Currently, Weetabix is the latest producer of breakfast cereals in the UK, and employ over 2,000 people.
Weetabix have a range of products which are exported to around 80 countries, while it also has factories in east Africa, Europe and North America.
The current director of marketing at Weetabix, Sally Abbott, will now become managing director of Weetabix UK and Ireland. While the current chief executive, Giles Turrell, will become the firm’s chairman.
In a statement Mr Turrell said: “Post is a leader within its markets and shares our commitment to providing great tasting nutritious products for the whole family. I’m confident they will help us open doors for continued expansion.”
Phebys – Accountants in Cambridgeshire
Thank you for reading the latest news from Phebys, we are accountants in Cambridgeshire. For more information on our services, contact us today