Speculation is mounting that 2 Sisters is no longer looking for a buyer for Holland’s Pies after bids fell short of Boparan’s £20m price tag.
The Grocer understands Ranjit Boparan has been looking to sell the business, which manufactures branded frozen and chilled pies, puddings and other savoury pastry products, since the summer, but that the offers received have been below the asking price.
“There were a couple of offers on the table but they were a long way from Boparan’s valuation of £20m-plus. It’s unlikely another party will emerge with a closer offer,” said one source, adding: “RF Brookes [which Boparan bought in December] has an enormous amount of spare capacity. Maybe his plan is to move Holland’s production over there to reduce overheads.”
However, other sources said 2 Sisters had not given up hope of a higher offer, and that it had since received interest from two new parties. “If the offer were north of £20m, he would have a look at it,”one said.
A 2 Sisters spokesman said the company did not comment on speculation.
Holland’s Pies was part of 2 Sisters acquisition of Northern Foods last April.