Bright Food "to buy out" United Biscuits
China-based Bright Food Group is “in exclusive discussions” to buy United Biscuits, which has a major distribution centre in Ashby de la Zouch. According to reports this morning, Bright Food has set its sights on the snack giant in a deal worth up to £2.5bn.
A deal with United Biscuits, which produces brands such as Jaffa Cakes and Twiglets, would be the biggest purchase from a Chinese company in the food and drink retail sector, Insider understands.
Bright Food, based in Shanghai has an annual turnover of about £4bn.
According to The Times, a deal worth between £2bn and £2.5bn was in the pipeline following “exclusive discussions”.
United Biscuits employs about 7,000 people, and had sales of £1.3bn last year.
Neither party had responded to reports as Insider went to press this morning.
The takeover discussions come just ten months after the buy-out of another major British brand. Cadbury was sold to US retailer Kraft, in February.
