BEIJING, Dec. 30 (Xinhua) -- The Chinese firm that owns Weetabix, Bright Food Group, is reported to be looking to sell the brand.
According to Reuters, Bright valued the company at over 1 billion GBP (about 1.2 billion USD) when it purchased it in 2012, and wouldn't be looking to sell it for much more than that figure.
That's because Weetabix has failed to perform as well as expected in the Chinese market, and growth opportunities in the United Kingdom are lower in what is a highly competitive environment.
The Weetabix brand also includes breakfast cereals such as Alpen, Ready Break and Weetos. Through these products, the company is the largest producer of cereals in the United Kingdom, and exports to over 80 countries from its base near Kettering.
Weetabix is also a major manufacturer of cereals for other companies, such as 'own-label' products for supermarkets.
The company was founded in 1932, and had previously been owned independently, by Lion Capital and by HM Capital of Dallas.
Bright Food Group is understood to have instructed Goldman Sachs to find a buyer for the business. (CRI English)
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