Chocolate maker Ferrero has reached a deal to buy the UK’s Fox’s Biscuits, the company said on Wednesday.
The purchase is part of the Italian company’s strategy to expand its biscuit business in Europe. In the UK, consumption of biscuits has increased as more people work from home. Ferrero is reported to have paid 270 million euros for Fox’s.
Ferrero’s Belgian holding CTH will acquire Fox’s and other brands from Northern Food Grocery Group Limited (NFGG), part of British food group Boparan Holdings Limited. The sale is due to be finalised in the next few months, Ferrero said.
Ferrero bought UK chocolate maker Thorntons in 2015. Boparan is expected to focus on its original poultry business.