FOOD and drink group Princes is to be acquired by an Italian giant in a deal worth £700m, it has been confirmed.
Princes was founded in Liverpool in 1880 as Simpson & Roberts and its licenced and owned brands include Branston, Batchelors, Flora, Olivio, Crisp 'n' Dry and Jucee.
"The intended sale is an ongoing process and further information will be shared in due course."
The deal comes after City A.M. reported in January that Princes had cut over 150 jobs while slipping to a loss of more than £50m despite its revenue rising by £300m.
The company reduced its headcount from 6,475 to 6,309 in the 12 months to
Princes went from making a pre-tax profit of £28.9m to a loss of £50.6m over the same period while its revenue increased from £1.4bn to £1.7bn during the year.
As well as its Liverpool head office, Princes has sites across
There are also dedicated sales and marketing offices in
When the deal completes,
The new group will have a global operating network of 31 factories and a portfolio across 10 distinct categories.
(c) 2024 City A.M., source