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Cranswick Withdraws From Acquisition Process For Inspired Pet Nutrition


Cranswick Withdraws From Acquisition Process For Inspired Pet Nutrition
LONDON (dpa-AFX) - Cranswick Plc. (CWK.L) Thursday confirmed that it has withdrawn from the acquisition process for Inspired Pet Nutrition Limited. The company did not provide any reason for the withdrawal.
On Wednesday, Cranswick said that it was in talks to buy Inspired Pet Nutrition Limited, UK pet food business. If successful, Cranswick s intention was to part-finance the acquisition through an equity placing of less than 10% of issued share capital to investors.
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Cranswick Withdraws From Acquisition Of Inspired Pet Nutrition


Cranswick Withdraws From Acquisition Of Inspired Pet Nutrition
Thu, 17th Dec 2020 11:34
(Alliance News) - Cranswick PLC on Thursday confirmed its withdrawal from the acquisition process for Inspired Pet Nutrition Ltd.
On Wednesday, the FTSE 250-listed meat producer said it was engaged in talks to potentially buy the UK pet food business.
At the time, Cranswick said: In line with the company s stated long-term growth strategy to expand its product offering through further diversification, Cranswick regularly considers acquisition opportunities. If successful, the group s current intention is to part-finance the acquisition via an equity placing of less than 10% of issued share capital to investors. ....

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City Snapshot: SSP Group loses £426m amid COVID sales collapse


By Alec Mattinson2020-12-17T08:57:00+00:00
Top story
Travel specialist SSP Group has reported a near-50% plunge in annual revenues and a £426m pre-tax loss as the coronavirus and collapse in traveller numbers weighed on the business.
The operator of Upper Crust has reported a 47.9% constant current revenue drop in the year to 30 September, comprising a like-for-like sales reduction of 50.8% offset by net contract gains of 2.9%.
At actual exchange rates, total revenue fell by 48.7%, to £1.4bn as a “good start” to the new financial year unravelled in the second half due to the rapid decline in trading across the entire group as the pandemic spread across the world. ....

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Capvest beats Cranswick to collar £300m petfood group


A former owner of the Findus brand has beaten Cranswick, the listed food company, in the race to buy one of Britain s best-known pet food manufacturers.
Sky News understands that Capvest, the private equity firm, is close to striking a deal to buy Inspired Pet Nutrition (IPN), which makes Wagg dog food and the upmarket brand Harrington s.
City sources said that Capvest was expected to pay between £250m and £300m for IPN - a price that would reflect the rapid growth of the category in a coronavirus-hit Britain.
News of the auction s winner comes 24 hours after
Sky News revealed that Cranswick was preparing to launch an equity-raising to partly fund a takeover of IPN. ....

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