Premier foods plc has entered into a non-binding agreement with key management of MBMG business, for the latter to acquire the share capital of MBM produce Ltd and Monument Ltd, which trades as MBMG.
MBMG managing director Pepe Bascetta said: “We believe this is the best way to take the business forward, and our key focus for this agreement is to provide reassurance for our customers, growers, key suppliers and employees that the business will continue largely as it is, but as an independent company.
“While Premier Foods has been supportive of MBMG over the last 24 months as we have restructured the business, we are firmly of the view that the business can and will progress quicker as a separate entity."
Mr Bascetta added that MBMG would keep everyone informed of the completion of the deal as far as plc rules abd regualtions allow.
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