Possible takeover for Finsbury Food
UK cake maker Finsbury Food Group has confimed that it has received a preliminary approach about a possible takeover of the business.
According to Finsbury, the approach was exploratory in nature and the company says there is considerable doubt that a formal offer will materialise.
For the first six months of the finanacial year ended December 31, 2008, the company’s revenue was up by 11 per cent to £92.1 million. Interim pre-tax profits were down 45 per cent at £1.8 million. Finsbury attributed the drop in profits to the rising cost of sugar and chocolate, as well as charges linked to the integration of its two main cake units, Lightbody and Memory Lane.