UK food firm Northern Foods is to sell its Fox’s Confectionery business to Big Bear, a new company formed by a management buy-in team.
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Big Bear is paying a consideration of £7.0m (US$11.1m) which, together with the value of book debts of £2.4m, gives a total transaction value of £9.4m.
The whole of the Fox’s Confectionery workforce at Leicester will transfer with the business to the new owners.
Fox’s Confectionery produces a number of well-known brands, including Fox’s Glacier Mints and Fruits, Paynes Poppets, Just Brazils and XXX Mints.
Last week, Northern Foods issued a profit warning and said that its chief executive Jo Stewart has resigned.
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By GlobalData
