Princes Group

Last updated

Princes Group
Company type Subsidiary
IndustryFood & Drink
Founded1880;144 years ago (1880), in Liverpool, England
FoundersWilliam Muirhead Simpson, Frank Roberts
Headquarters,
England
Number of locations
14 production sites
Key people
Cameron Mackintosh – Managing Director, [1] Manabu Oda– Chairman
ProductsFish, meat, fruit, vegetables, soups, pastes, pasta, cooking sauces, edible oils and soft drinks
Revenue£1.55bn billion (March 2017) [2]
£28.7 million (March 2017) [2]
£0.5 million (March 2017) [2]
Number of employees
7,000+
Parent Mitsubishi Corporation
Website princesgroup.com

Princes Group is an international food and drink group involved in the manufacture, import and distribution of branded and customer own-brand products. Founded in 1880 and headquartered in the UK, since 1989 it has been owned by the Japanese conglomerate Mitsubishi Corporation.

Contents

History

Princes’ heritage dates back to 1880, [3] when it was established as a fish importing business in Liverpool, the city where its international headquarters are still located today. The firm was founded as a partnership by Briton William Muirhead Simpson (1842-1926) and Canadian Frank Roberts (1853-1938) and initially imported tinned lobster from Canada. It operated as Simpson Roberts, then created brands including Maypole (1891), Mikado (1895) and Princes (1900). By 1915, Simpson Roberts was the world's largest exporter of lobster, handling one third of the world's lobster trade. In 1919, the partnership was incorporated as a limited company. In 1962, it changed its name to Princes Foods. [4]

Princes first entered continental Europe in 1960 [3] and today its European operations are managed from its offices in Rotterdam in the Netherlands.

In 1964, Princes was acquired by 'Trex' manufacturer J Bibby & Sons. In 1973, the combined business was sold to Italy's Buitoni group, which, in 1988 was acquired by Nestlé, with Princes then sold to Mitsubishi Corporation in 1989. [4]

As a wholly owned subsidiary of Mitsubishi, [3] Princes completed several high-profile mergers and acquisitions that added significant scale to the business. After the 2011 acquisition of Premier Foods' canning operations for £182M, Princes was, by 2013, the UK's largest supplier of tinned food; by 2020, it employed 7,000 people globally, 2,200 of them in UK. [4] However, in January 2023, Mitsubishi was reported to be considering selling the Princes Group, [5] [6] and in March 2023 potential buyers, including Bain Capital-backed Valeo Foods and the Aurelius Group investment firm, were reported to be considering bids of around £400M. [7]

Timeline

Operations

Princes' customers include major supermarkets, convenience stores, foodservice operators, wholesale suppliers and other food manufacturers. Its brands and products span over 20 different categories including fish, meat, fruit, vegetables, soups, pastes, pasta, cooking sauces, edible oils and a broad range of soft drinks sectors. [14]

Owned and operated brands

Brands (*= licensed brands) which Princes manufacture and produce include: [15]

Production sites

Princes operates 15 production sites situated in the UK, mainland Europe and Mauritius:

UK food sites

  • Chichester – on the south coast of England, this site produces a variety of pack formats from cans and jars to pouches and microwavable pots
  • Long Sutton, Lincolnshire – this site produces a range of canned products including baked beans, vegetables, fruit, pulses, pies, pasta, meatballs and ready meals
  • Wisbech – located in Cambridgeshire, this site produces canned and pouch products including baked beans, soups, pulses, pasta, vegetables and sauces

UK soft drinks sites

  • Cardiff – produces juice products in cartons
  • Bradford – this site produces squash and carbonated soft drinks
  • Glasgow – supplies canned soft drinks

UK edible oils

  • Belvedere, London – located in south east London, this site produces olive and speciality oils
  • Erith – located in south east London, this site produces cooking oil

International

  • Foggia, Italy – this factory is one of the most modern and efficient ambient tomato processing facilities in Europe [16]
  • Riche Terre, Port Louis, Mauritius – one of the most technologically advanced tuna processing facilities in the world [17]
  • Marine Road, Port Louis, Mauritius - a major processing facility producing tuna loins [18]
  • Szamotuły, Poland – located in the north west region of Wielkopolska, this site primarily produces rapeseed oil.

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References

  1. "Princes news: Princes announces executive appointments as it faces next phase of development". www.princesgroup.com. Retrieved 11 January 2019.
  2. 1 2 3 4 foodmanufacture.co.uk. "Princes reveals business review". foodmanufacture.co.uk. Retrieved 11 January 2019.
  3. 1 2 3 "Princes : About the Company : Our History". Princesgroup.com. Retrieved 25 March 2013.
  4. 1 2 3 "Building Scale: a history of Princes Foods". Let's Look Again: a History of Branded Britain. Retrieved 21 March 2023.
  5. Mattinson, Alec (12 January 2023). "Princes owner in search of buyer as sales fall sharply". The Grocer. Retrieved 21 March 2023.
  6. Robinson, Jon (20 January 2023). "'No decisions made' on potential sale of food giant Princes after 'market speculation'". BusinessLive. Retrieved 21 March 2023.
  7. Hodgson, Neil (17 March 2023). "Takeover speculation continues with Princes Foods in sights of suitors". The Business Desk. Retrieved 21 March 2023.
  8. Martin, Kathy (2017). Famous Brand Names and Their Origins. Pen & Sword. p. 61. ISBN   9781781590157.
  9. "Insider News North West – Princes targets £2bn after record year". Insidermedia.com. Retrieved 25 March 2013.
  10. Hodgson, Neil (3 May 2012). "Princes Group in Italian production deal - Business News - LDP Business". Liverpool Daily Post. Retrieved 25 March 2013.
  11. "Princes ups profit as UK sales decline". 12 January 2015.
  12. "Factories to close as canned foods business automates". 12 October 2018..
  13. foodmanufacture.co.uk. "Princes Manchester juice factory has £3.8m price tag". foodmanufacture.co.uk. Retrieved 4 December 2022.
  14. "Premier Foods boosts food manufacturer's sales to £1.51bn". Foodmanufacture.co.uk. Retrieved 25 March 2013.
  15. "Princes : Our Brands". Princesgroup.com. Retrieved 25 March 2013.
  16. "Princes to double size of European revenues following acquisition of Italian tomato factory". Princes Group. 3 May 2012. Retrieved 28 January 2014.
  17. "Sourcing and Manufacturing". Princes Group. Retrieved 28 January 2014.
  18. "Princes Tuna (Mauritius) Marine Road".