TEL: LONDON +44 (0)20 7920 4800 / MANCHESTER +44 (0)161 641 1000


Primary sells British Pepper & Spice

August, 2004


Primary has announced the sale of The British Pepper & Spice Company and Gourmet Garden Europe to SHS Group Limited. The price is undisclosed, but represents a return of 4 times the original cost of investment. SHS, founded in 1975, is a privately owned group of seven companies, based in Belfast and operating in the FMCG market with turnover of £250 million. The sale was completed in August 2004.


Primary backed the £7.6 million management buyout of BP&S in May 1998 from Burns Philp as a turnaround investment, with an asset-backed debt package provided post-deal by LloydsTSB Commercial Finance. In October 2001, Primary supported the start-up acquisition of the exclusive European licence for Gourmet Garden, a revolutionary chilled product.


Contact Jackie Adams for more information

Tel: +44(0) 20 7920 4800


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