Phildrew argues its case to UB

A private equity consortium led by Phildrew Ventures has confirmed it is backing a near GBP600 million offer on behalf of Brian Cardy and William Mitchell for the snacks and frozen foods businesses of United Biscuits.

Cardy previously worked for United Biscuits at Terry’s and as marketing director of KP Foods before leaving for Unigate to head St Ivel. Mitchell is the former finance director at Tetley, tea-bag manufacturer.

When the identity of the backers was unknown, the bid was rejected by the United Biscuits board. But Cardy and Mitchell, having identified themselves, are arguing their case with the firm’s non-executive directors and major shareholders.

The consortium, backed by debt finance provided by Westdeutsche Landesbank, is presenting its offer as fully funded, subject to due diligence.