Latest news with #MarkGarvey
Yahoo
6 days ago
- Business
- Yahoo
SlimFast owner gets into shape with launch of dieting brand sell-off
The owner of SlimFast has kicked off a sale of the weight loss brand after hiring advisers to orchestrate an auction. Sky News understands that Glanbia, the Irish-based company, is working with bankers at Houlihan Lokey on a process to exit its weight management portfolio. Dubbed Project Lego, a sale would come more than 45 years after SlimFast was founded. Money latest: Glanbia has owned the brand since 2018, when it paid $350m for the business. Announcing the decision to sell SlimFast in February, Mark Garvey, Glanbia's chief financial officer, said: "We've decided to move on. "There is a significant change in how weight management is being managed by consumers." Dieting brands such as SlimFast have been hit hard by the rise of weight loss drugs Wegovy and Ozempic in recent years. Read more: Sources said that Glanbia's advisers were marketing the SlimFast business based on a pipeline of new product developments and brand positioning. A sale is expected to be finalised later this year, depending upon the price offered by prospective buyers. Glanbia declined to comment.
Sky News
6 days ago
- Business
- Sky News
SlimFast-owner gets into shape with launch of dieting brand sell-off
The owner of SlimFast has kicked off a sale of the weight loss brand after hiring advisers to orchestrate an auction. Sky News understands that Glanbia, the Irish-based company, is working with bankers at Houlihan Lokey on a process to exit its weight management portfolio. Dubbed Project Lego, a sale would come more than 45 years after SlimFast was founded. Glanbia has owned the brand since 2018, when it paid $350m for the business. Announcing the decision to sell SlimFast in February, Mark Garvey, Glanbia's chief financial officer, said: "We've decided to move on. "There is a significant change in how weight management is being managed by consumers." Dieting brands such as SlimFast have been hit hard by the rise of weight loss drugs Wegovy and Ozempic in recent years. Sources said that Glanbia's advisers were marketing the SlimFast business based on a pipeline of new product developments and brand positioning. A sale is expected to be finalised later this year, depending upon the price offered by prospective buyers.
Yahoo
23-04-2025
- Yahoo
Police: Cumberland man had 40+ marijuana plants in his basement
CUMBERLAND, R.I. (WPRI) — A Cumberland man was arrested after firefighters discovered an 'elaborate' marijuana cultivation operation in his basement, according to police. Mark Garvey, 38, was taken into custody Tuesday afternoon and charged with felony possession of marijuana. Firefighters were called to Sunny Valley Drive around 1 p.m. to investigate reports of smoke pouring from Garvey's home. Garvey wasn't home at the time, according to police. His two pets — a dog and cat — escaped the flames through a 'doggy door' leading out into the backyard. Both of Garvey's pets were not injured. The firefighters were able to quickly knock down the flames, and trace the fire's origin to the basement. Police said that's where the firefighters uncovered more than 40 mature marijuana plants standing several feet tall. Garvey, who lived in the home by himself, did not possess the licensing required to grow a large quantity of marijuana, and the amount discovered was 'well over the legal 'personal use' limit,' according to police. 'This is truly an unfortunate situation all around,' Cumberland Police Chief Matthew Benson said. 'The law is very specific on what an individual can grow at home, and that law must be followed without deviation.' 'I would encourage anyone who is growing their own marijuana to ensure their cultivation abides by Rhode Island General Law and seek appropriate guidance if they aren't sure,' he continued. 'I would also highly encourage that any sort of indoor lawful cultivation setup follows appropriate building and electrical code and that the work is conducted by appropriate professionals.' Download the and apps to get breaking news and weather alerts. Watch or with the new . Follow us on social media: Close Thanks for signing up! Watch for us in your inbox. Subscribe Now Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Telegraph
26-02-2025
- Health
- Telegraph
SlimFast on the block as dieters turn to jabs
SlimFast has been put up for sale as dieters increasingly shun meal replacements in favour of weight-loss jabs. Glanbia, the brand's owner, is looking to offload SlimFast after a recent drop in sales – prompted by heightened demand for blockbuster drugs such as Wegovy. Mark Garvey, the chief financial officer of Glanbia, said: 'We've decided to move on because we believe there is a significant change in how weight management is being managed by our consumers.' Founded in Florida in 1977, SlimFast's low-calorie meal replacements soared to prominence in the 1980s and 1990s as diet culture gripped the US and UK – turning it into one of the world's best-known weight-loss brands. However, in recent years sales have fallen as dieters swapped traditional meal replacements and dieting for new drugs. In 2023, SlimFast lost 33pc of its sales in three months as the jabs exploded in popularity. Sold under brands like Wegovy and Mounjaro, weight loss jabs slow the emptying of users' stomachs following meals, making them feel fuller for longer. Ozempic, arguably the best known, is designed to treat people with type 2 diabetes but is commonly used off-prescription for weight loss. Around 12pc of American adults were reported to have tried weight loss drugs last year, according to a KFF Health Tracker survey. Around 500,000 people have also taken them in the UK, according to Simple Online Pharmacy. This includes high-profile figures such as Boris Johnson, who admitted to using weight-loss jabs two years ago. As well as traditional weight-loss companies, other large food and drink businesses are also seeing an impact from the jabs – with the chief executive of Walmart previously blaming them for shoppers buying fewer items. Terry Smith, the British fund manager, ditched his entire stake in Guinness-owner Diageo last year because of fears over the impact of the drugs – which have been shown to reduce alcohol as well as food cravings. Morgan Stanley has estimated that the global market for obesity drugs could reach as much as $105bn (£83bn) by 2030. The Wall Street bank predicts this will trigger a 3pc fall in Americans' consumption of soft drinks, bakery products and snacks by 2035. As well as announcing the proposed sale, Glanbia also told investors on Wednesday it had written $91.4m off the value of SlimFast in the Americas because of 'continuing challenges in the weight management category'. Headquartered in Kilkenny, Ireland, Glanbia sells a range of food supplements and ingredients. Shares in the company fell by more than 14pc on Wednesday, hitting their lowest point since 2007 as it posted revenues below analysts' estimates and warned over the rising cost of whey.
