HUNDREDS of workers have been re-assured about their jobs after the £205m sale of the Quorn meat-free brand.
Premier Foods announced it had agreed to sell the company, whose main production facility employs 320 at Stokesley and a further 62 at Billingham, to Exponent Private Equity and the Intermediate Capital Group.
The sale includes Cauldron, which offers a range of tofu products and vegetarian sausages. Exponent said it planned to invest in both businesses.
Chris Graham, founding partner, said: “We are pleased to be acquiring Quorn and Cauldron, which are strong and robust brands with a loyal customer base.
ICG provides finance, leveraged credit and minority equity to companies worldwide.
Premier’s meat-free division made revenues of £128.8m and a trading profit of £16.2m last year. However, Premier had been under pressure to reduce a £1.4bn debt.
Quorn, purchased for £172m from Marlow Foods in 2005, was valued at between £200m and £250m.
The first Quorn product was launched in 1985 using a specially developed protein-based ingredient called mycoprotein.
It has since become a popular meat substitute.
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