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Sainsbury’s distributor NFT races to find buyer

by ace
Sainsbury's distributor NFT races to find buyer

A refrigerated food distributor that counts J Sainsbury, the supermarket giant, as its biggest retail customer, is racing to find new owners after recording losses of several million pounds.

Sky News understands that NFT Distribution Holdings, based in Derbyshire and employs 1,900 people, is exploring the sale of part or all of its businesses.

The process, which is being carried out by PricewaterhouseCoopers, has been running since the end of last year, according to sources.

NFT plays an important role in the Sainsbury supply chain, transporting frozen and chilled food and drinks across Britain to the retailer.

The NFT accounts registered with Companies House for the year up to 29 September 2018 show that there was a pre-tax loss of almost £ 31 million.

In a statement, an NFT spokesman said: "In the past few months, NFT has conducted a strategic review of its business in order to address some operational challenges and to reposition itself for the future.

"The company concluded that it is appropriate to explore what interest may exist in the business.

"The process is progressing well and we are confident of a positive and fast result.

"NFT has the continuous support of all interested parties and expects the usual high quality of service to be maintained and negotiations to continue as normal."

Sainsbury declined to comment.

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