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.

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