Greencore has announced a change of strategy in its UK business by selling its under-performing pizza business in favour of the fast growing sandwich market.
The group confirmed today it has sold its UK pizza business to Pizza Canadian for a nominal consideration. The disposal will involve an exceptional charge of £40m net of tax. It has also sold Feldhues, a small deli style meats business for €10 million.
Meanwhile Greencore announced the acquisition of Oldfields, a London-based sandwich and panini business for £17.3 million. Oldfields is estimated to produce on excess of 25 million sandwiches per year generating sales of around €40 million.
This acquisition gives Greencore access to new channels in the burgeoning coffee bar sector.
