Princes Group Explained

Princes Group
Type:	Subsidiary
Industry:	Food & Drink
Foundation:	, in Liverpool, England
Founders:	William Muirhead Simpson, Frank Roberts
Location City:	Liverpool
Locations:	14 production sites
Key People:	Cameron Mackintosh – Managing Director,^[1] Manabu Oda– Chairman
Products:	Fish, meat, fruit, vegetables, soups, pastes, pasta, cooking sauces, edible oils and soft drinks
Revenue:	£1.55bn billion (March 2017)^[2]
Operating Income:	£28.7 million (March 2017)
Net Income:	£0.5 million (March 2017)
Num Employees:	7,000+
Parent:	Mitsubishi Corporation
Location Country:	England

Princes Group is an international food and drink group involved in the manufacture, import and distribution of branded and customer own-brand products. Founded in 1880 and headquartered in the UK, since 1989 it has been owned by the Japanese conglomerate Mitsubishi Corporation.

History

Princes’ heritage dates back to 1880,^[3] when it was established as a fish importing business in Liverpool, the city where its international headquarters are still located today. The firm was founded as a partnership by Briton William Muirhead Simpson (1842-1926) and Canadian Frank Roberts (1853-1938) and initially imported tinned lobster from Canada. It operated as Simpson Roberts, then created brands including Maypole (1891), Mikado (1895) and Princes (1900). By 1915, Simpson Roberts was the world's largest exporter of lobster, handling one third of the world's lobster trade. In 1919, the partnership was incorporated as a limited company. In 1962, it changed its name to Princes Foods.^[4]

Princes first entered continental Europe in 1960^[3] and today its European operations are managed from its offices in Rotterdam in the Netherlands.

In 1964, Princes was acquired by 'Trex' manufacturer J Bibby & Sons. In 1973, the combined business was sold to Italy's Buitoni group, which, in 1988 was acquired by Nestlé, with Princes then sold to Mitsubishi Corporation in 1989.^[4]

As a wholly owned subsidiary of Mitsubishi,^[3] Princes completed several high-profile mergers and acquisitions that added significant scale to the business. After the 2011 acquisition of Premier Foods' canning operations for £182M, Princes was, by 2013, the UK's largest supplier of tinned food; by 2020, it employed 7,000 people globally, 2,200 of them in UK.^[4] However, in January 2023, Mitsubishi was reported to be considering selling the Princes Group,^{[5] [6]} and in March 2023 potential buyers, including Bain Capital-backed Valeo Foods and the Aurelius Group investment firm, were reported to be considering bids of around £400M.^[7]

Timeline

• 1880 Founded in Liverpool by William Muirhead Simpson and Frank Roberts
• 1900 Princes Pure Foods formed, Princes brand established
• 1946 Princes starts first manufacturing venture
• 1960 Princes enters continental Europe
• 1968 Princes acquired by 'Trex' manufacturer J. Bibby and Sons^[8]
• 1973 Princes sold to Buitoni Group
• 1988 Buitoni Group, including Princes, acquired by Nestlé
• 1989 Mitsubishi Corporation buys Princes from Nestlé
• 1991 Princes enters the soft drinks category through the acquisition of Barraclough
• 1999 Princes acquires Tuna Mauritius
• 2001 Princes acquires both the Shippam’s and Napolina brands/businesses
• 2004 Princes acquires water business and the Aqua Pura brand
• 2005 Princes acquires cooking oils brands and forms Edible Oils Limited (EOL) joint venture business. Princes establishes MC Foods Europe
• 2010 Princes opens Princes Polska office and forms joint venture business to expand distribution of oils in eastern and central Europe
• 2011 Princes acquires two East Anglian canning operations and the Crosse & Blackwell and Farrow’s brands^[9]
• 2012 Princes Industrie Alimentari S.r.L. (PIA) created and processing factory in Foggia, Italy acquired^[10]
• 2015 Princes Tuna (Mauritius) completes agreement to create enlarged tuna processing operation^[11]
• 2018 Princes announces business review after net profits fall to £0.5m;^[2] in October 2018, Princes announces factories in Manchester and Chichester would close^{[12] [13]}
• 2024 Mitsubishi Corporation agree in principle to sale to Italian based Newlat Food S.p.A (‘Newlat’) from Mitsubishi Corporation, encompassing all current operations and brands in an agreement valued at £700m.^[14]

Operations

Princes' customers include major supermarkets, convenience stores, foodservice operators, wholesale suppliers and other food manufacturers. Its brands and products span over 20 different categories including fish, meat, fruit, vegetables, soups, pastes, pasta, cooking sauces, edible oils and a broad range of soft drinks sectors.^[15]

Owned and operated brands

Brands (*= licensed brands) which Princes manufacture and produce include:^[16]

• Aqua Pura - natural mineral water brand sourced from Cumbria
• Batchelors* – a brand that dates back to 1895 with a range that includes canned soups and peas (under licence from Premier Foods)
• Branston* – a brand well known for its store cupboard favourites such as baked beans, spaghetti bolognese, macaroni cheese and ravioli (under licence from Mizkan)
• Cookeen – traditional baking fat used in pastry and made from 100% vegetable oil
• Crisp 'n Dry – popular UK vegetable oil brand
• Crosse & Blackwell - canned food brand that includes favourites such as baked beans, soups, pasta, vegetables and ready meals
• Farrow’s – British-grown giant marrowfat processed peas
• Flora* – popular sunflower oil brand
• Jucee – popular squash drinks brand
• Mazola - corn and speciality oil brand. Range includes corn, peanut, grapeseed, rapeseed and sunflower oils
• Napolina - Italian-style ingredients brand. Range includes sun-ripened tomatoes to fruity olive oils, pasta and pasta sauces, as well as more specialist grated cheese, pulses and pizza products
• Olivio* - cooking oil first launched in 1991, made with a blend of vegetable and olive oils
• Princes – the Princes range now includes over 350 food and drink products including canned fish, meat, fruit and vegetables, microwavable ready meals, sandwich fillings and soft drinks
• Pura Organic Oil* – organic sunflower oil and rapeseed oil brand first launched in 2010
• Shippam’s – traditional English brand whose range includes spreads and canned ready meals
• Trex – home baking brand which is a dairy-free alternative to butter
• Vier Diamanten – popular Austrian canned fish brand
• Wielkopolski – cooking oil used for frying, baking, salad dressings, and in cakes and desserts

Production sites

Princes operates 15 production sites situated in the UK, mainland Europe and Mauritius:

UK food sites

• Long Sutton, Lincolnshire – this site produces a range of canned products including baked beans, vegetables, fruit, pulses, pies, pasta, meatballs and ready meals
• Wisbech – located in Cambridgeshire, this site produces canned and pouch products including baked beans, soups, pulses, pasta, vegetables and sauces

UK soft drinks sites

• Cardiff – produces juice products in cartons
• Bradford – this site produces squash and carbonated soft drinks
• Glasgow – supplies canned soft drinks

UK edible oils

• Belvedere, London – located in south east London, this site produces olive and speciality oils
• Erith – located in south east London, this site produces cooking oil

International

• Foggia, Italy – this factory is one of the most modern and efficient ambient tomato processing facilities in Europe^[17]
• Riche Terre, Port Louis, Mauritius – one of the most technologically advanced tuna processing facilities in the world^[18]
• Marine Road, Port Louis, Mauritius - a major processing facility producing tuna loins^[19]
• Szamotuły, Poland – located in the north west region of Wielkopolska, this site primarily produces rapeseed oil.

External links

• Official website

Notes and References

1. Web site: Princes news: Princes announces executive appointments as it faces next phase of development. www.princesgroup.com. 11 January 2019.
2. Web site: Princes reveals business review. foodmanufacture.co.uk. foodmanufacture.co.uk. 19 February 2018 . 11 January 2019.
3. Web site: Princes : About the Company : Our History . Princesgroup.com . 2013-03-25.
4. Web site: Building Scale: a history of Princes Foods . Let's Look Again: a History of Branded Britain . 21 March 2023.
5. News: Mattinson . Alec . Princes owner in search of buyer as sales fall sharply . 21 March 2023 . The Grocer . 12 January 2023.
6. News: Robinson . Jon . 'No decisions made' on potential sale of food giant Princes after 'market speculation' . 21 March 2023 . BusinessLive . 20 January 2023.
7. News: Hodgson . Neil . Takeover speculation continues with Princes Foods in sights of suitors . 21 March 2023 . The Business Desk . 17 March 2023.
8. Book: Martin . Kathy . Famous Brand Names and Their Origins . 2017 . Pen & Sword . 9781781590157 . 61.
9. Web site: Insider News North West – Princes targets £2bn after record year . Insidermedia.com . 2013-03-25.
10. News: Hodgson . Neil . Princes Group in Italian production deal - Business News - LDP Business . Liverpool Daily Post . 2012-05-03 . 2013-03-25.
11. News: Princes ups profit as UK sales decline. 12 January 2015.
12. News: Factories to close as canned foods business automates. 12 October 2018. .
13. Web site: foodmanufacture.co.uk. Princes Manchester juice factory has £3.8m price tag. 2022-12-04. foodmanufacture.co.uk. 26 April 2019 . en-GB.
14. Web site: 2024-05-27 . Princes announces intended acquisition by Newlat Food S.p.A - Princes Group . 2024-05-31 . en-US.
15. Web site: Premier Foods boosts food manufacturer's sales to £1.51bn . Foodmanufacture.co.uk . 17 December 2012. 2013-03-25.
16. Web site: Princes : Our Brands . Princesgroup.com . 2013-03-25.
17. Web site: Princes to double size of European revenues following acquisition of Italian tomato factory. Princes Group. 28 January 2014. 3 May 2012.
18. Web site: Sourcing and Manufacturing. Princes Group. 28 January 2014.
19. Web site: Princes Tuna (Mauritius) Marine Road.