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China Food Company

  • BY: Andrew Hore |
  • POSTED: 15/02/2012 |

China Food Company says that it has signed a memorandum of understanding for the sale of animal feed business Fuss Feed.

The acquirer will pay cash. No price has been put on the disposal although Fuss Feed made EBITDA of £1.5m in 2010. A price of £5.5m-£6m is possible. There is an exclusivity period lasting until April.

The disposal would mean that CFC will be able to concentrate on its condiments operations.

CFC says that its 2011 revenues will rise from £35.9m to £40m – that includes Fuss Feed. Pre-tax profit was at least £1m. Net debt was £10.1m at the end of 2011.

At 31.5p a share, CFC is valued at £22.5m.

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