Princes Group, the food manufacturer behind store-cupboard staples including Napolina, Batchelors, Flora, and Crisp ‘N Dry, has announced plans for a London stock market float that would value the company at around £1.5 billion.
The proposed listing would see the 150-year-old group join the main market of the London Stock Exchange, potentially catapulting it straight into the FTSE 250, a significant boost for the City’s pipeline of new listings.
Best known for its canned tuna under the Princes brand, the company has grown into one of the biggest players in UK and European food and drink.
Today, it shifts almost a billion cans of food a year, exports to over 60 countries and operates 23 production sites across the UK, Europe and Mauritius.
It’s also the UK’s largest supplier of edible oils and has used the Branston name to challenge Heinz in the baked beans aisle — not something many food businesses would dare attempt.
The business is currently owned by NewPrinces S.p.A., formerly Newlat Food, an Italian food group listed in Milan.
NewPrinces acquired Princes in July 2024 and has since moved to streamline the business and bolt on additional assets, including Symington’s, the maker of Naked Noodle, and its operations in France and Germany.
Simon Harrison, chief executive of Princes, said a public listing was the “natural next step” for the business.
“We combine a rich heritage dating back nearly 150 years with a dynamic entrepreneurial mindset,” he said.
“Our head office, located in Liverpool’s landmark Royal Liver Building, symbolises not only our proud tradition but also our commitment to strategic expansion, innovation and a bold vision for the future.”
The company made £2.1 billion in pro forma revenue last year and reported adjusted earnings of £122.3 million.
Thanks to operational and commercial changes under its new parent, earnings improved further in the first half of this year, with £71 million in EBITDA on sales of £964 million, giving a healthier profit margin of 7.4%.
If the float goes ahead, it will provide Princes with capital to pursue further acquisitions and expand into new categories and markets.
Harrison said the move would also help the business attract talent and “scale Princes Group into one of Europe’s most trusted and innovative food and drinks businesses”.
The float will be closely watched in the Square Mile, where successful consumer brand IPOs have been thin on the ground.
A listing of this scale, backed by a stable of familiar high street names, would offer a rare moment of optimism for London’s equity markets.