Overview
- Shareholders will hold stakes in two companies with completion targeted by the end of 2027 and both expected to qualify for the FTSE 100.
- Wittington Investments, the Weston family vehicle, will retain majority ownership of each business after the board’s review.
- ABF announced the plan as it reported lower first-half revenue and profit, including a 19% fall in adjusted pre-tax profit to £663 million.
- Primark, which operates in 19 markets, flagged softer April trading as the Middle East conflict weighed on shopper sentiment.
- George Weston will lead the food group and Eoin Tonge will run Primark, with about £75 million in one-off separation costs and the loss of under £45 million of synergies.