Fox’s Biscuits, the UK’s fourth largest biscuit manufacturer, may be sold by owner Boparan Holdings, according to people close to the issue.
As reported by the Wall Street Journal, sources said investment bank Rothschild had been looking for buyers on behalf of the company and that Fox’s Biscuits was potentially worth £250m.
The sources added, however, that no formal process had begun and considerations were at an early stage.
Boparan Holdings has experienced a hard sales period of late, with its 2 Sisters Food Group, which owns Fox’s along with other brands including Holland’s Pies, seeing sales tumble 8.2% to £3.14bn for the 52 weeks to 1 August 2015. Like-for-like (LFL) sales also fell 1.7% to £3.2bn and 2 Sisters said the biscuit market had been “under pressure for some time due to intense competition”.
British Baker has contacted 2 Sisters and is awaiting a comment.