Owners of Burton’s Biscuit Company could be putting the business up for sale for around £300m, according to the latest reports.
As reported by Sky News, it has been understood that the owners, international investment management firm Apollo Management and Canadian bank CIBC, have appointed advisers from Credit Suisse to oversee an auction of the biscuit manufacturing company.
It is believed that Credit Suisse, which has previously worked on the potential break-up of United Biscuits, will oversee the review of the strategic options of Burton’s Biscuit Company, in which a sale has already been indicated.
Burton’s Biscuit Company, based in St Albans in Hertfordshire, is responsible for the production of a number of brands including Maryland cookies, Jammie Dodgers, Wagon Wheels and Cadbury-branded biscuits.
The firm’s latest financial report for the year to 31 December 2011, published on Companies House, highlighted a net debt of £138.3m, in comparison to £127.6m in 2010, as well as 6% increase in turnover to £342m, which Burton’s said had been driven by cost price inflation, in addition to international and home trade sales.