Latest news with #EuanSutherland
Yahoo
11-07-2025
- Business
- Yahoo
Irn-Bru maker AG Barr buys majority stake in The Turmeric Co
AG Barr has acquired a majority stake in The Turmeric Co from its founder, the former Wales international football player Hal Robson-Kanu. Irn-Bru owner AG Barr struck the deal for an undisclosed sum. AG Barr chief executive Euan Sutherland and chief financial officer Stuart Lorimer have been appointed as joint directors of Innate-Essence Limited, the company behind The Turmeric Co. The London-based business, set up in 2018, has partnerships with rugby union side Leicester Tigers, Premier League football teams Brentford and Everton, as well as British Gymnastics. Publicly listed AG Barr has taken a stake of between more than 50% and 75% in the firm, according to filings with Companies House. A spokesperson for AG Barr said: "We have acquired a stake in Innate-Essence Ltd, which owns a number of speciality health drinks, including The Turmeric Co. 'These brands are in the high growth functional beverages and vitamin & supplements sectors, and we're excited to bring our deep industry experience to support their future growth.' Headquartered in Scotland, AG Barr, who also owns brands such as Rubicon, Boost and Funkin, saw its revenue rise by 5.1% to £420.4m, for the year to 31 January 2025. Its adjusted pre-tax profit increased by almost 16% to £58m over the same period. In April, AG Barr revealed it was in talks to sell the Strathmore bottled water label after it decided to scrap the brand from its portfolio. AG Barr revealed plans in March to discontinue the brand as Strathmore had 'struggled to compete' in recent years and because the facility in Forfar, Scotland, from which the business operates, was 'no longer sustainable'. "Irn-Bru maker AG Barr buys majority stake in The Turmeric Co" was originally created and published by Just Drinks, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The National
28-06-2025
- Business
- The National
Irn-Bru owner in 'advanced talks' with buyer for Strathmore Water
The news put 23 jobs at its production site in Forfar at risk of redundancy, the firm said in a statement at the time. Following the shock announcement, a brief stock exchange filing showed that AG Barr had said that discussions with an unnamed third party had begun. READ MORE: Scottish city's council warns of parking scam messages amid ongoing cyber incident But the soft drinks firm said there could be 'no certainty a transaction will ultimately occur', The Courier reported. However, according to the newspaper, talks have since advanced, and AG Barr is hoping to strike a deal which could bring fresh investment in the brand. An AG Barr spokesperson told The Courier: 'We are pleased to have found a prospective buyer for Strathmore Water that is committed to protecting jobs and intends to invest in the site to secure its future. 'Both parties are engaged, the deal is progressing.' The company added: 'TUPE consultations are underway and we will continue to support our Strathmore employees through this period of transition.' The Transfer of Undertakings (Protection of Employment) regulations are designed to protect employees' rights in a business transfer. TUPE ensures that jobs, terms and conditions, and continuity of employment are safeguarded. Earlier this year AG Barr recorded a 15.8% rise in adjusted pre-tax profit, reaching £58.5 million for the year ending January 25, 2025. The firm said it had seen growth of 4.6% in soft drinks volume, with strong performances from Rubicon and Irn-Bru helping boost revenues to £420.4m – up from £400m last year. At the time of the announcement, Euan Sutherland, AG Barr chief executive (below), said: '2024/25 was a successful year for the company. I would like to take the opportunity to thank my colleagues across the business who delivered these excellent financial results. (Image: AG Barr) 'Looking forward, we have a refreshed strategy centred on growth and are committed to our long-term financial targets. 'I am confident that successful execution of our plans will see another year of positive progress towards our long-term goals.' AG Barr said Strathmore had 'struggled to compete' in the bottled water market in recent years. The Scottish firm acquired the former Strathmore Spring Water business from US owners for £15.5m in 2006. Following the news of AG Barr planning to close the Strathmore Water site, Mairi Gougeon, the Rural Affairs Secretary and MSP for Angus North and Mearns, said she had written to the firm raising concerns about the planned closures, considering the firm's otherwise strong performance. She said: 'This news is incredibly disappointing for Forfar and the wider Angus area. 'To hear that such a highly regarded employer as Strathmore Water is potentially facing closure, especially when the parent company is reporting strong financial performance, is difficult to understand. 'I have already taken action and written to AG Barr, Angus Council, and the Minister for Employment and Investment, Tom Arthur MSP, to understand the full implications of this announcement and to ensure that all available support is offered to the affected workforce.'
Yahoo
26-03-2025
- Business
- Yahoo
AG Barr to pull Strathmore bottled water brand
UK beverages group AG Barr intends to scrap bottled water brand Strathmore. The brand is to be discontinued later in its 2025/26 financial year In a statement to Just Drinks, an AG Barr spokesperson said the brand had "struggled to compete" in recent years. They noted the move to cease producing Strathmore could result in the closure of its manufacturing site in Forfar in Scotland, putting 23 jobs at risk. 'We believe we have now reached a point where the Forfar site is no longer sustainable,' the spokesperson said. They added: 'The proposals are subject to consultation, and we intend to fully support our employees through this period of change.' The move was announced alongside the release of AG Barr's latest results for its 2024/25 fiscal year, which ended on 25 January. AG Barr, which produces the drinks brands Irn-Bru, Rubicon, Boost and Funkin, said 'current trading is in line with our expectations' and kept its annual outlook for the financial year 2025/26 'unchanged', forecasting continued revenue growth and margin improvement. The scrapping of the Strathmore brand follows an 'organisational simplification' of the business which the company said was announced to staff in February. The move sees the integration of Barr Soft Drinks and the Funkin cocktails businesses into a 'unified AG Barr operation, streamlining activities and fostering synergies'. In March last year, the business announced a round of redundancies affecting 160 roles as part of a shift from a direct-to-store delivery model to 'an enlarged and enhanced field sales operation'. Around the same time, AG Barr also revealed plans to 'fully integrate' its Boost Drinks subsidiary into the Barr Soft Drinks division to remove 'duplicated activities'. In its full-year fiscal period, AG Barr's revenue rose by 5.1% to £420.4m ($544.5m), driven by 'strong' performance in its soft drinks segment, particularly a 'standout performance' from Rubicon and 'continued strong growth' from Irn-Bru. The business also reported a 6.5% increase in gross profit, at £164.3m, while operating profit was up 3.2% year on year to £51.7m. Profit before tax grew 3.7% to £53.2m. Commenting on the company's results, AG Barr's newly appointed CEO Euan Sutherland, said: 'Looking forward, we have a refreshed strategy centred on growth and are committed to our long-term financial targets. I am confident that successful execution of our plans will see another year of positive progress towards our long-term goals." "AG Barr to pull Strathmore bottled water brand" was originally created and published by Just Drinks, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
