Thursday 22 February 2018

Greencore eyes Uniq merger but 'decision weeks away'

Laura Noonan

GREENCORE has asked advisers Barclays Capital to run the rule over Uniq but is "weeks away" from making a decision on a bid, sources said last night.

Greencore, which recently failed to clinch a €2bn merger with Northern Foods, sees Uniq as its next consolidation target.

UK-based Uniq has effectively put itself on the market after ceding a 90pc stake in its equity-to-pension holders to repair a massive pensions deficit.

With a portfolio including prepared sandwiches, salads and deserts, its business is seen as complementary to Greencore's food-to-go proposition.

Sources last night confirmed Barclays was looking over Uniq on behalf of Greencore, but stressed there was no imminent bid or deal.

Greencore is mulling over a number of deals.

"Uniq is just one thing that's being looked at," a source added. Greencore declined to comment on any possible deal with Uniq.

While significantly smaller than Northern Foods, Uniq's annual revenues of £312m (€352m) would be a significant addition to Greencore's sales of €856m.

Irish Independent

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