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Uniq makes mouths water with Food to Go

by Nick Goodway - 24/06/2011

Uniq makes mouths water with Food to Go

"Uniq, the food manufacturer which has been put up for sale by its own pension fund, today revealed what bidders like and dislike about the business."

With Samworth Brothers - the firm which makes Ginsters pasties - and Ireland's Greencore both reported to be lurking with bids of around £100 million, Uniq updated its shareholders at their annual meeting on its current trading.

Sandwiches, salads and other "Food to Go" sales are up 11.2% in the past 21 weeks proving just why it takes top spot in the Uniq banqueting hall. Both Greencore and Samworth are keen to raise their share of the UK's food-on-the-hoof market.

But in Uniq's other business, sales of desserts are off 5.9%. That reflects Uniq's decision to stop making cottage cheese and to pull out of making everyday desserts for supermarkets and other own-label sellers. On the other hand, premium dessert sales have risen year-on-year.

Analysts said that potential bidders might prefer to see Uniq make a clean break from desserts rather than leaving them with a potentially messy business to clean up.

Geoff Eaton, chief executive of Uniq, last year negotiated a deal with the firm's pension fund which saw a £436 million pension black hole wiped out in return for the fund taking a 90% stake in the company. The pension fund said it was open to offers in April.

More Details: http://www.thisislondon.co.uk/standard-business/article-23961638-uniq-makes-mouths-water-with-food-to-go.do