Redundancies likely as ETQ sells Findus

ETQ, the private equity firm which owns Findus, is understood to be close to announcing the sale of the UK division of the frozen food brand to Oregon Capital Partners.

It is believed that as a result of the sale, about 25 marketers and a number of senior management staff have been made redundant. Findus is also believed to have parted company with its advertising agency, Grey Momentum, in Sweden. The sale follows a major restructure at the Swedish company, which has been through turbulent times over recent months.

As part of the cull, Henk Spoon, the vice-president of marketing and innovation, and Philippe Scherrer, the marketing director for Sweden, have both left the company. Senior vice-president of international sales Björn Ulfberg, who is the former general manager of the UK division, has also left.

It is not clear what the changes will mean for the UK marketing team although it is understood that UK marketing director Slyvia Banbrough is only working at the brand on an interim basis (MW September 16).

EQT is understood to have been looking to sell the brand for some time. At the start of the year, Findus axed the UK marketing director Gerardo Mazzeo and Suzanne Nagle, the European marketing director, following a review (MW January 22). It also closed its Redhill office and moved the team to Longbenton, near Newcastle.

Latest from Marketing Week

NOT REGISTERED? IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and opinion that will help you do your job better.

Register and receive the best content from the only UK title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work. The more we know about our visitors, the better and more relevant content we can provide for them. And, yes, knowing our audience better helps us find commercial partners too. Don't worry, we won't share your information with other parties, unless you give us permission to do so.

Register now

THE BEST CONTENT

Our award winning editorial team (PPA Digital Brand of the Year) ask the big questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we are your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Having problems?

Contact us on +44 (0)20 7292 3711 or email subscriptions@marketingweek.com

If you are looking for our Jobs site, please click here