Swiss-Irish food company Aryzta is preparing the sale of its UK logistics business, which is believed to be worth up to £20m (€23.1m).
It is part of a strategy to exit non-core business. The company has already sold off businesses in the US, including Cloverhill – which it offloaded in February 2018, booking a substantial loss.
According to reports in the UK, accounting firm KPMG is understood to be advising Aryzta on the future of the division and it is believed to be talking to a number of potential buyers.
The price tag would be up to £20m, sources said.
New Aryzta chief executive Kevin Toland is overseeing Project Renew, the food group’s programme to return to growth after a series of profit warnings and massive shareholder value destruction in recent years.
In March, Aryzta reported organic revenue growth of 0.7pc in the six months to 31 January.
The performance reflected the “ongoing stabilisation” of the group, Aryzta said in its interim results.
However, total revenue declined 4.2pc to €1.7bn, as the group takes its first steps in the multi-year turnaround commitment.
During the period the group completed a controversial €740m capital raise that strengthens its balance sheet.
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