Flora margarine and Branston Pickle-maker Princes Group bought by Italian rival in £700m deal

The British maker of Flora and Branston has been bought by an Italian food giant for £700million.

Liverpool-based Princes Group has been sold by Mitsubishi Corporation to Newlat Food.

A merger would create a food giant with revenues of £2.4billion – with a plan for turnover to top £4billion within five years. 

It follows more than a year of takeover talks that attracted interest from global private equity firms. 

The tinned fruit and fish firm has annual sales of around £1.5billion and employs 7,000 workers.

Marge merger: Liverpool-based Princes Group – which makes Flora margarine – has been sold by Mitsubishi Corporation to Newlat Food

It also sells household staple brands including Napolina tinned tomatoes and Batchelors soup. 

Princes has factories in Belvedere, Bradford, Cardiff, London, Glasgow, Lincolnshire, and in Europe.

It did not comment on whether any British jobs are at risk due to the takeover.

Newlat Food makes pasta, milk and dairy, instant noodles and bakery products.

Princes chief executive Simon Harrison said: ‘This is an exciting prospect for Princes and we are delighted that Newlat share our confidence in the group’s strategic growth plans.’

source: dailymail.co.uk