Strathmore bottled water brand seems to have been saved from sinking as the current owner with Barr announces a potential buyer.
The UK Drink Group with Barr revealed plans in March to quit the brand as Strathmore had “struggled to compete” in recent years and because the facility in Morfar, Scotland, of which the business operates, was “no longer sustainable”.
However, a Barr listed in London, which also owns the IRN-BRU soft drinks line, has now gone to conversations with an anonymous buyer.
“The company is pleased to announce that it is now committed to unique discussions with a third party about the removal of Strathmore business,” he said with Barr in a short stock exchange filing today (30 April).
“These discussions are early and there can be no assurance that a transaction will eventually take place.”
AG Barr, who also produces the range of Funkin's cocktails, added that it will make further announcements to the market “as and when appropriate”.
No mention was made today for the future for the workers at Forfar.
As Barr unveiled the exit scheme in March alongside its full year results, the company said the site was at risk of closure, putting 23 jobs on the line.
The Strathmore brand scraping follows the “institutional simplification” of the drinks group business that the company said it had been announced to staff in February. In the movement, the integration of Barr's soft drinks and funkin cocktails businesses into “operation with United Barr, streamlining activities and nurturing synergies”.
In March last year, Barr announced a round of redundancies affecting 160 roles as part of a change from a direct distribution model to a shop to a “swollen and better field sales operation”.
At about the same time, Barr also revealed plans to “fully integrate” its sub -company a boosting drinks company for Barr's soft drinks department to remove “duplicate activities”.
In his full-year financial phase, revenue with BARR rose 5.1% to £ 420.4m ($ 544.5m), driven by “strong” performance in his soft drinks segment, especially “standout performance” of Rubicon and “ongoing strong growth” by IRN-Bru.
The business also noted a 6.5% increase in gross profit to £ 164.3m, while the operational profit was up 3.2% year -on -year at £ 51.7m. Profit grew before tax 3.7% to £ 53.2m.
“AG BARR entering sales conversations with a potential buyer for Strathmore Water Business” was originally created and published by Only drinksBrand owned by Globaldata.
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