Latest news with #StrathmoreWater
Yahoo
12 hours ago
- Business
- Yahoo
Irn-Bru owner in advanced talks with potential buyer for drinks brand facing closure
THE owners of Irn-Bru are reportedly in advanced talks with a potential buyer for its bottled water brand, which it announced is set to close. In March, Scottish drinks giant AG Barr, which is best known for producing Irn-Bru and Rubicon, announced that its Strathmore Water brand was to be axed, claiming it was no longer 'sustainable'. The news put 23 jobs at its production site in Forfar at risk of redundancy, the firm said in a statement at the time. Following the shock announcement, a brief stock exchange filing showed that AG Barr had said that discussions with an unnamed third party had begun. READ MORE: Scottish city's council warns of parking scam messages amid ongoing cyber incident But the soft drinks firm said there could be 'no certainty a transaction will ultimately occur', The Courier reported. However, according to the newspaper, talks have since advanced, and AG Barr is hoping to strike a deal which could bring fresh investment in the brand. An AG Barr spokesperson told The Courier: 'We are pleased to have found a prospective buyer for Strathmore Water that is committed to protecting jobs and intends to invest in the site to secure its future. 'Both parties are engaged, the deal is progressing.' The company added: 'TUPE consultations are underway and we will continue to support our Strathmore employees through this period of transition.' The Transfer of Undertakings (Protection of Employment) regulations are designed to protect employees' rights in a business transfer. TUPE ensures that jobs, terms and conditions, and continuity of employment are safeguarded. Earlier this year AG Barr recorded a 15.8% rise in adjusted pre-tax profit, reaching £58.5 million for the year ending January 25, 2025. The firm said it had seen growth of 4.6% in soft drinks volume, with strong performances from Rubicon and Irn-Bru helping boost revenues to £420.4m – up from £400m last year. At the time of the announcement, Euan Sutherland, AG Barr chief executive (below), said: '2024/25 was a successful year for the company. I would like to take the opportunity to thank my colleagues across the business who delivered these excellent financial results. (Image: AG Barr) '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 said Strathmore had 'struggled to compete' in the bottled water market in recent years. The Scottish firm acquired the former Strathmore Spring Water business from US owners for £15.5m in 2006. Following the news of AG Barr planning to close the Strathmore Water site, Mairi Gougeon, the Rural Affairs Secretary and MSP for Angus North and Mearns, said she had written to the firm raising concerns about the planned closures, considering the firm's otherwise strong performance. She said: 'This news is incredibly disappointing for Forfar and the wider Angus area. 'To hear that such a highly regarded employer as Strathmore Water is potentially facing closure, especially when the parent company is reporting strong financial performance, is difficult to understand. 'I have already taken action and written to AG Barr, Angus Council, and the Minister for Employment and Investment, Tom Arthur MSP, to understand the full implications of this announcement and to ensure that all available support is offered to the affected workforce.' Gougeon added: 'We need to explore all possibilities to minimise the impact of this potential closure on the local economy and the community.'
The National
12 hours ago
- Business
- The National
Irn-Bru owner in 'advanced talks' with buyer for Strathmore Water
The news put 23 jobs at its production site in Forfar at risk of redundancy, the firm said in a statement at the time. Following the shock announcement, a brief stock exchange filing showed that AG Barr had said that discussions with an unnamed third party had begun. READ MORE: Scottish city's council warns of parking scam messages amid ongoing cyber incident But the soft drinks firm said there could be 'no certainty a transaction will ultimately occur', The Courier reported. However, according to the newspaper, talks have since advanced, and AG Barr is hoping to strike a deal which could bring fresh investment in the brand. An AG Barr spokesperson told The Courier: 'We are pleased to have found a prospective buyer for Strathmore Water that is committed to protecting jobs and intends to invest in the site to secure its future. 'Both parties are engaged, the deal is progressing.' The company added: 'TUPE consultations are underway and we will continue to support our Strathmore employees through this period of transition.' The Transfer of Undertakings (Protection of Employment) regulations are designed to protect employees' rights in a business transfer. TUPE ensures that jobs, terms and conditions, and continuity of employment are safeguarded. Earlier this year AG Barr recorded a 15.8% rise in adjusted pre-tax profit, reaching £58.5 million for the year ending January 25, 2025. The firm said it had seen growth of 4.6% in soft drinks volume, with strong performances from Rubicon and Irn-Bru helping boost revenues to £420.4m – up from £400m last year. At the time of the announcement, Euan Sutherland, AG Barr chief executive (below), said: '2024/25 was a successful year for the company. I would like to take the opportunity to thank my colleagues across the business who delivered these excellent financial results. (Image: AG Barr) '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 said Strathmore had 'struggled to compete' in the bottled water market in recent years. The Scottish firm acquired the former Strathmore Spring Water business from US owners for £15.5m in 2006. Following the news of AG Barr planning to close the Strathmore Water site, Mairi Gougeon, the Rural Affairs Secretary and MSP for Angus North and Mearns, said she had written to the firm raising concerns about the planned closures, considering the firm's otherwise strong performance. She said: 'This news is incredibly disappointing for Forfar and the wider Angus area. 'To hear that such a highly regarded employer as Strathmore Water is potentially facing closure, especially when the parent company is reporting strong financial performance, is difficult to understand. 'I have already taken action and written to AG Barr, Angus Council, and the Minister for Employment and Investment, Tom Arthur MSP, to understand the full implications of this announcement and to ensure that all available support is offered to the affected workforce.'
