COULD Brexit mean no gravy for the turkey this Christmas? Well, no. Almost certainly not.
But Premier Foods, the firm behind Bisto, say they will stockpile raw materials in the run-up to Britain leaving the EU.
The company, which also owns Oxo and Mr Kipling, have allocated up to £10 million to spend on imported goods such as dried egg powder and packaging.
The announcement came as the company announced their first-half results. Pretax losses in the six months to September 29 widened to £2.2m from £1.2m in the same period a year earlier.
CEO Gavin Darby also announced his resignation and a plan to get shot of their Ambrosia custard and creamed rice business.
Darby had been under pressure from major stakeholder Oasis Management Co to go.
They say he had driven the company into a “zombie-like state,” and were critical after US firm McCormick & Co abandoned a takeover effort in April 2016, saying Premier’s board wanted too high a price.
“We welcome Gavin Darby’s departure, and are optimistic about the path ahead,” Oasis said. “We look forward to Premier Foods accelerating and realising its true potential.”
“The timing is all to do with the announcement we made today,” Darby said. “This is the final step for me in terms of the transformation.”
Ambrosia is Premier Foods’ third-biggest brand, with sales of about £90m.
The company’s shares were up more than 2% on Tuesday.
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