Sector News

2 Sisters looks to offload fish brand Donegal Catch

February 26, 2018
Food & Drink

2 Sisters Food Group is looking to offload Donegal Catch, the Irish fish brand it owns under its Green Isle Foods division, reports The Times.

Ranjit Singh Boparan’s diversified UK food group, which started out as a chicken supplier, has brought in corporate finance advisers from Clearwater International to work on the sale, according to the report. According to The Times, Boparan is looking for £50 million for Donegal Catch.

On Jan. 17, 2 Sisters announced an agreement to sell Green Isle, which owns Goodfella’s Pizza, to Nomad Foods, the owner of the Findus, Iglo and Birds Eye frozen food brands.

However, a spokesman for 2 Sisters confirmed to Undercurrent News at the time that Donegal Catch is not part of the sale. According to The Times, Nomad is prevented from buying Donegal Catch due to competition issues.

The deal nets Boparan €225m at a time when his heavily leveraged empire is under pressure.

2 Sisters — which also owns Five Star Fish in Grimsby — has been built up through a series of acquisitions that has also left the company laden with debt.

The largest deal Boparan has pulled off is the £342m takeover and delisting of Northern Foods in 2011. This is how he came to own Green Isle. This came a year after the entrepreneur got into fish, buying Five Star from administration.

Also, has acquired the turkey business Bernard Matthews and the restaurant chains FishWorks, Giraffe and Harry Ramsden’s.

2 Sisters had debt of £824m at the end of last year, which are 5.4 times its core earnings. According to The Times, £250m of is debt expires in July next year.

Also, an undercover investigation last year by The Guardian and ITV showed food standards breaches from workers at a 2 Sisters chicken factory, with birds retrieved from the floor and put back on prodcution lines. Older chickens were also being mixed with fresher ones.

According to Undercurrent sources, this prompted Marks and Spencer to audit Five Star, which has taken on its coated fish supply from Seachill UK, now part of 2 Sisters’ rival Hilton Food Group.

Source: Undercurrent News

comments closed

Related News

January 23, 2022

IFF appoints Frank Clyburn as CEO

Food & Drink

International Flavors & Fragrances (IFF) has announced the appointment of Frank Clyburn as CEO and member of the board of directors, effective 14 February 2022. Clyburn, who will step down from his position as executive VP and president of human health at Merck & Co, succeeds current IFF CEO Andreas Fibig

January 23, 2022

Jack Link’s expands Peperami range with new chorizo five-packs

Food & Drink

Jack Link’s-owned meat snacking brand Peperami has launched new chorizo five-packs to add to its extensive snack portfolio. The new chorizo sticks are made with 100% pork, packed with protein, contain 99 calories and are unpasteurised to maintain a fuller flavour — providing a shelf life of over six months.

January 23, 2022

More beer in the glass with physics

Food & Drink

While foam is certainly desirable in the bathtub or on beer, preventing foam – for example in industrial processes – is a much-discussed topic. A team of researchers at the Max Planck Institute for Polymer Research has now shown that so-called “superamphiphobic surfaces” can be used to prevent foaming.

Send this to a friend