[ad_1]\n<\/p>\n
Premier Foods, whose other kitchen staples include Ambrosia custard and Bisto gravy, went on a three-year buying spree in the past that saddled the group with big debts. A decade ago management sold off a number of brands, such as Sarson’s vinegar and Haywards pickles.<\/p>\n<\/div>\n
But in a sign that it is finally back on track, Premier yesterday announced the acquisition of The Spice Tailor for \u00a343.8million.<\/p>\n
The business was founded in the UK by Anjum Anand and her husband Adarsh Sethia. It was set up in 2011 with a focus on healthy, quality Indian food.<\/p>\n
Anjum is a chef, cookery writer and TV presenter in the UK and Australia.<\/p>\n
The SpiceTailor is expected to generate sales of \u00a317.3million this financial year.<\/p>\n
Alex Whitehouse, Premier Foods’ chief executive, said: “We have greatly admired The Spice Tailor business for some time and we’re very much looking forward to it joining our existing stable of strong brands.”<\/p>\n
Anjum and her husband said: “We’re very pleased that The Spice Tailor will become part of Premier Foods and are looking forward to unlocking further growth for the brand, which we have nurtured since its inception.”<\/p>\n<\/div>\n
Peel Hunt, Premier Foods’ house broker, said: “Premier is making its first acquisition for 16 years, which demonstrates the massive improvements in performance and balance sheet in recent years.”<\/p>\n
It added: “This deal should accelerate top-line growth and strengthen the international branded profile of Premier.<\/p>\n
“The price is spicy as well but the scale of opportunity is highly attractive in our view.”<\/p>\n
In May, Premier reported that its annual sales had fallen 3.6 per cent to \u00a3900million.<\/p>\n
The previous year had been boosted by Covid lockdowns and the sale of its Hovis investment.<\/p>\n
It meant that Premier’s annual profits this time slumped 16.4 per cent to \u00a3102.6million.<\/p>\n