Latest news with #Funkin
STV News
2 days ago
- Business
- STV News
Jobs at Strathmore bottled water saved after takeover
Bottled water firm Strathmore, part of the company behind Irn Bru, has been saved from closure after it was bought by a Welsh firm. The takeover by Ty Nant has saved all 23 jobs at the company, as they promised to invest in the Forfar factory's long-term future. The firm was bought by Irn Bru maker AG Barr in 2006, but earlier this year it was announced it was axing Strathmore Water as the brand was 'no longer sustainable'. The news came after the Cumbernauld-based drinks group – whose brands also include Rubicon, Boost and Funkin – reported a 15.8% increase in adjusted profit before tax to £58.5m. Councillor Linda Clark, Angus Council, responding to the takeover, said: 'I think it's wonderful news. 'It's so good that someone has come along with confidence now because that's a good brand, a local brand, a special product. 'That's 23 souls saved. I want to see people here, there are a lot of people who start here as a young loon or a quine and they get their training and also sorts of things. 'I've never heard a bad word so this is really good news.' Get all the latest news from around the country Follow STV News Scan the QR code on your mobile device for all the latest news from around the country
The Herald Scotland
3 days ago
- Business
- The Herald Scotland
Irn-Bru buys majority stake in former Wales striker's firm
The purchase of the majority stake in Innate-Essence is the latest diversification by Barr beyond its core fizzy drinks specialism, with Innate-Essence joining a portfolio which includes MOMA oat milk and Funkin, the cocktail puree and ready-to-drink brand. The Barr portfolio was also expanded with the acquisition of energy drinks Boost in a deal worth up to £32m in December 2022. However, the company took the decision to axe its Strathmore bottled water brand in March this year. It announced today that it has concluded the sale of the Strathmore brand and the Forfar production site to Ty Nant, 'negatively impacting revenue in the short-term but not profit'. A filing at Companies House shows that AG Barr chief executive Euan Sutherland and finance chief Stuart Lorimer were appointed directors of Innate-Essence earlier this month. Read more: Barr noted today that the deal for Innate-Essence was 'consistent with the company's strategy of acquisitions and innovation in high growth, health focused, functional beverage categories', adding: 'The investment has been funded from the company's net cash position. It is not expected to have a significant impact on revenue or profit in the current financial year.' The deal was announced as Barr signalled that it expects revenue to increase by around 3% to in the region of £228 million in the first half, with adjusted operating margin to be ahead of last year at 15% versus 13%. It anticipates the margin improvement will be driven by 'improved manufacturing efficiencies, ongoing benefits from our strategic business improvement initiatives and continued disciplined cost management'. Barr noted that momentum had increased as the period progressed, with several record volume weeks reported in the second quarter. It said brand performance was led by Boost, which delivered double-digit percentage growth. Sales of Irn-Bru and fruit juice brand Rubicon were flat in the first half, with a stronger performance in the second quarter, while growth in the off-trade for Funkin helped to mitigate challenges in the on-trade. Mulling the outlook, the company made no changes to its revenue and profit expectations for the full-year. Mr Sutherland said: "We are pleased to report continued revenue growth and strong profit growth in the first half of the financial year. Trading improved during H1, and we enter H2 with strong momentum and continued progress on margin improvement as our strategic initiatives continue to deliver. I am also excited about our expansion into the functional beverage segment working alongside Thomas Robson-Kanu and the Innate-Essence team. Our full year guidance remains unchanged and in line with market expectations." Analysts at Shore Capital reiterated their expectations for the company to deliver an adjusted pre-tax profit of £65m for the full year. Barr said: 'We have made excellent progress with operating margin during H1 and expect to deliver a full year result in line with expectations after taking into account a planned higher level of marketing activity in H2.' Shares in AG Barr closed down 2.16%, or 15p, at 680p.
Yahoo
11-07-2025
- Business
- Yahoo
Irn-Bru maker AG Barr buys majority stake in The Turmeric Co
AG Barr has acquired a majority stake in The Turmeric Co from its founder, the former Wales international football player Hal Robson-Kanu. Irn-Bru owner AG Barr struck the deal for an undisclosed sum. AG Barr chief executive Euan Sutherland and chief financial officer Stuart Lorimer have been appointed as joint directors of Innate-Essence Limited, the company behind The Turmeric Co. The London-based business, set up in 2018, has partnerships with rugby union side Leicester Tigers, Premier League football teams Brentford and Everton, as well as British Gymnastics. Publicly listed AG Barr has taken a stake of between more than 50% and 75% in the firm, according to filings with Companies House. A spokesperson for AG Barr said: "We have acquired a stake in Innate-Essence Ltd, which owns a number of speciality health drinks, including The Turmeric Co. 'These brands are in the high growth functional beverages and vitamin & supplements sectors, and we're excited to bring our deep industry experience to support their future growth.' Headquartered in Scotland, AG Barr, who also owns brands such as Rubicon, Boost and Funkin, saw its revenue rise by 5.1% to £420.4m, for the year to 31 January 2025. Its adjusted pre-tax profit increased by almost 16% to £58m over the same period. In April, AG Barr revealed it was in talks to sell the Strathmore bottled water label after it decided to scrap the brand from its portfolio. AG Barr revealed plans in March to discontinue the brand as Strathmore had 'struggled to compete' in recent years and because the facility in Forfar, Scotland, from which the business operates, was 'no longer sustainable'. "Irn-Bru maker AG Barr buys majority stake in The Turmeric Co" was originally created and published by Just Drinks, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
30-04-2025
- Business
- Yahoo
AG Barr enters sale talks with potential buyer for Strathmore water business
The Strathmore bottled water brand appears to have been saved from sinking as current owner AG Barr announced a potential buyer. UK beverage group AG Barr revealed plans in March to discontinue the brand as Strathmore had 'struggled to compete' in recent years and because the facility in Forfar, Scotland, from which the business operates, was 'no longer sustainable'. However, London-listed AG Barr, which also owns the Irn-Bru soft drinks line, has now entered talks with an unnamed buyer. 'The company is pleased to announce that it has now entered into exclusive discussions with a third party regarding a potential disposal of the Strathmore business,' AG Barr said in a brief stock exchange filing today (30 April). 'These discussions are at an early stage and there can be no certainty that a transaction will ultimately occur.' AG Barr, which also produces the Funkin cocktails range, added that it will make further announcements to the market 'as and when appropriate'. No mention was made today over the future for the workers at Forfar. As AG Barr unveiled the exit plan in March alongside its full-year results, the company said the site was at risk of closure, putting 23 jobs on the line. The scrapping of the Strathmore brand follows an 'organisational simplification' of the beverages group business which the company said was announced to staff in February. The move saw the integration of Barr Soft Drinks and the Funkin cocktails businesses into a 'unified AG Barr operation, streamlining activities and fostering synergies'. In March last year, AG Barr announced a round of redundancies affecting 160 roles as part of a shift from a direct-to-store delivery model to 'an enlarged and enhanced field sales operation'. Around the same time, AG Barr also revealed plans to 'fully integrate' its Boost Drinks subsidiary into the Barr Soft Drinks division to remove 'duplicated activities'. In its full-year fiscal period, AG Barr's revenue rose by 5.1% to £420.4m ($544.5m), driven by 'strong' performance in its soft drinks segment, particularly a 'standout performance' from Rubicon and 'continued strong growth' from Irn-Bru. The business also reported a 6.5% increase in gross profit to £164.3m, while operating profit was up 3.2% year on year at £51.7m. Profit before tax grew 3.7% to £53.2m. "AG Barr enters sale talks with potential buyer for Strathmore water business" was originally created and published by Just Drinks, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
26-03-2025
- Business
- Yahoo
AG Barr to pull Strathmore bottled water brand
UK beverages group AG Barr intends to scrap bottled water brand Strathmore. The brand is to be discontinued later in its 2025/26 financial year In a statement to Just Drinks, an AG Barr spokesperson said the brand had "struggled to compete" in recent years. They noted the move to cease producing Strathmore could result in the closure of its manufacturing site in Forfar in Scotland, putting 23 jobs at risk. 'We believe we have now reached a point where the Forfar site is no longer sustainable,' the spokesperson said. They added: 'The proposals are subject to consultation, and we intend to fully support our employees through this period of change.' The move was announced alongside the release of AG Barr's latest results for its 2024/25 fiscal year, which ended on 25 January. AG Barr, which produces the drinks brands Irn-Bru, Rubicon, Boost and Funkin, said 'current trading is in line with our expectations' and kept its annual outlook for the financial year 2025/26 'unchanged', forecasting continued revenue growth and margin improvement. The scrapping of the Strathmore brand follows an 'organisational simplification' of the business which the company said was announced to staff in February. The move sees the integration of Barr Soft Drinks and the Funkin cocktails businesses into a 'unified AG Barr operation, streamlining activities and fostering synergies'. In March last year, the business announced a round of redundancies affecting 160 roles as part of a shift from a direct-to-store delivery model to 'an enlarged and enhanced field sales operation'. Around the same time, AG Barr also revealed plans to 'fully integrate' its Boost Drinks subsidiary into the Barr Soft Drinks division to remove 'duplicated activities'. In its full-year fiscal period, AG Barr's revenue rose by 5.1% to £420.4m ($544.5m), driven by 'strong' performance in its soft drinks segment, particularly a 'standout performance' from Rubicon and 'continued strong growth' from Irn-Bru. The business also reported a 6.5% increase in gross profit, at £164.3m, while operating profit was up 3.2% year on year to £51.7m. Profit before tax grew 3.7% to £53.2m. Commenting on the company's results, AG Barr's newly appointed CEO Euan Sutherland, said: 'Looking forward, we have a refreshed strategy centred on growth and are committed to our long-term financial targets. I am confident that successful execution of our plans will see another year of positive progress towards our long-term goals." "AG Barr to pull Strathmore bottled water brand" was originally created and published by Just Drinks, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
