Zetar sells loss-making snack unit BSC to CEO
Zetar announced this week that it has sold its loss-making subsidiary, The Baked Snacks Company to Tilbury Property, a firm controlled by the snack company's CEO Mobeen Mehdi.
In deal tipped at £2.68 million, Zetar confirmed the BSC disposal removes the company's "only loss making subsidiary", giving a boost to earnings and freeing-up management to "refocus solely on continuing to grow the profitable confectionery and natural & premium snacks divisions", the firm said in a statement.
Cash from the deal will be used by Zetar to "reduce its borrowings".
BSC manufactures a range of low fat crisps and biscuits and in the year ended 30 April 2008, the snack firm pulled in sales of approximately £2 million (€2.25m) and an adjusted operating loss of £0.9 million (€1m).
