to sell UK food business for 200 million pounds
14 March 2007
The UK-based Indian food major Patak's, whose spicy
pickles and other products tickle the palates of millions
in the UK every day, has been put up for sale with a
price tag of £200 million.
products include Indian cooking sauces, curry pastes,
chutney, pickles, ready meals, snacks and breads and
sells products to over 40 countries worldwide, from
Australia to Canada through distributors and major retailers.
also manufactures own-brand products for supermarkets,
including Tesco, Asda, Sainsbury's, Waitrose and Morrisons.
Patak's employs some 650 staff, just over half at its
factory near Wigan.
Indian food empire has been embroiled in a bitter family
feud over ownership of the company a few months ago.
Patak, who emerged as 100-per cent owner of the business
in October last year following a court battle with his
two sisters. He runs the company with his wife Meena,
the group recipe director and a cookery writer.
has appointed Rothschild bank to "review strategic
options for the future development of the business"
and is looking for either an equity partner or buyer,
so that the business has the distribution network and
the marketing muscle to compete with the likes of Sharwoods,
Premier Foods' Indian food brand.
company believes that Indian food could grow globally
in the way similar to Chinese or Italian food.
growth of Patak's over the past decade has been a remarkable
success story. Our goal is to be the world's leading
supplier of authentic Indian food and we have exciting
plans for the future development of the business, said
the 54-year-old Patak.
had a turnover of £66 million last year, forecast
to achieve £71 million in 2007.
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