Liverpool-based foods group, Princes, plans to list on the London Stock Exchange.
The company said it intends to publish a registration document to apply for admission of its ordinary shares. Estimates value the business at £1.5bn
Princes is based in the Royal Liver Building, which it acquired for £60m in July this year in a demonstration of its commitment to the city following its £700m takeover in July last year by Italian-based Newlat Food S.p.A from previous owner, Mitsubishi.
It employs around 400 staff at the iconic Grade I-listed Royal Liver Building.
Princes traces its roots back to 1880 in Liverpool, when ‘Simpson & Roberts & Co’ was established as an importer of canned food into the then thriving docks. In 1900 the business adopted the name Princes and the iconic brand has been a mainstay of British kitchens since.
It is now a key international platform in the UK and European food and beverage sector that generated £2.1bn pro-forma revenue in the year to December 31, 2024. It has leading positions in both branded and customer own brand products across its five business units: Foods; Fish; Italian; Oils; and Drinks.
The group’s branded product portfolio includes recognised brands such as Princes, Napolina, Branston, Batchelors, Flora, Crisp ‘N Dry, Delverde, Naked Noodle and Vier Diamanten.
It exports its products to more than 60 countries and has in excess of 8,000 customers globally across large food retailers, B2B partners and the foodservice industry.
The group said its integrated model enables expansion into new categories and geographies, supports leading market positions, and maintains long term customer relationships.
It operates 23 production facilities across the UK, continental Europe and Mauritius. Significant capital expenditure has been invested into its production facilities, which has resulted in several of the group’s facilities having significant spare capacity for growth without requiring further capital investment.
The group has a further 21 warehouses and distribution centres and three offices across the UK, Poland and the Netherlands, with approximately 7,800 staff.
Royal Liver Building
In the 12 months to December 31, 2024, the group generated pro forma adjusted EBITDA of £122.3m at a margin of six per cent. As a result of cost, commercial and operational synergies since its acquisition, the group has delivered pro forma adjusted EBITDA of £71m at a margin of 7.4% in the six months to June 30, 2025, on pro forma revenues of £964.2m.
Pre-tax profits for the 12 months to December 31, 2024, were £13.252m.
Princes Group CEO, Simon Harrison, said: “At Princes Group we combine a rich heritage dating back nearly 150 years with a dynamic entrepreneurial mindset to bring great tasting products at great value to consumers in the UK, Europe and beyond. Our head office, located in Liverpool’s landmark Royal Liver Building, which we recently acquired, further symbolises not only our proud tradition but also our commitment to strategic expansion, innovation and a bold vision for the future.
“Our position as a category champion is grounded in well invested manufacturing, deep and long standing relationships throughout our supply chain, and a highly skilled and motivated workforce. These strengths have established Princes as a trusted partner to our customers, driving sustained, profitable growth and a first choice for consumers.”
He added: “Whilst we are renowned for our iconic Princes tuna, through a combination of organic growth and focused M&A, we have built an international £2bn food and drink portfolio, leading across five complementary categories, food, fish, Italian, oils and drinks, with operations spanning seven countries.
“Our portfolio includes some of the UK’s most loved and enduring brands such as Princes, Napolina, Branston, Batchelors and Crisp’N’Dry, alongside a strong presence in customer own brand that sets us apart in the market.
“Today, we are the largest supplier of edible oils in the UK, sell nearly a billion cans of food a year and have built the challenger brand in baked beans under the Branston brand. Supported by thousands of global customers, including major UK and EU retailers, and long standing partnerships, Princes Group continues to strengthen its leadership in the food and drinks sector.”
He said: “A listing on the London Stock Exchange is a natural next step in our journey. Beyond providing access to capital to execute our M&A ambitions, it will provide a platform to accelerate growth by expanding our product portfolio and expertise, extending our international reach, and attracting top talent as we continue building for the future.
“As we enter this next chapter, I am excited to scale Princes Group into one of Europe’s most trusted and innovative food and drinks businesses.”
Angelo Mastrolia, executive chair of Princes Group, said: “Our decision to pursue a listing in London marks a pivotal moment in the history of Princes Group.
“The UK is our largest market and the home of an experienced leadership team – this decision reflects our long term confidence in the business, the strength of our management, and the scale of the opportunity ahead of us.
“As we did with the successful listing of Newlat Food in 2019, we are not selling any shares. Instead, we are raising new capital to accelerate our growth strategy and support the transformation of Princes into a truly diversified and multinational food & beverage group.
“Over the past year, we have demonstrated our ability to integrate and optimise at speed, already making strong progress towards the synergies we identified at the time of the acquisition. We see significant further upside from operational efficiencies, procurement optimisation and an integrated commercial platform.
“We are actively pursuing a pipeline of tangible M&A opportunities that will unlock new geographies, categories and capabilities.”
He added: “We believe Princes is exceptionally well positioned to deliver sustained organic growth and long term value creation for shareholders and we are ready to propel Princes Group into its next stages of growth.”
Princes said the company’s shares would be admitted to the ESCC category of the official list of the FCA and to trading on the main market of the London Stock Exchange.
Any offer would be comprised of new ordinary shares to be issued by the company to raise net proceeds that support the group in adding further inorganic growth via further acquisitions.
And any offer would be a targeted offering to certain institutional investors in the UK and elsewhere outside the US.
Dan Coatsworth, head of markets at Manchester-based investment platform, AJ Bell, said: “Food group Princes is well known in the UK, with its eponymous tinned tuna and Napolina tomatoes and pasta, as well as Branston pickle and Flora margarine sold under brand licencing agreements.
“Its products are mainstays of a weekly grocery shop when consumers are feeling flush. However, they are at risk of being substituted by supermarket own-brand products when times are harder.
“Rachel Reeves’ November Budget has the potential to bring bad news for consumers and businesses if the tax system is tweaked to help fill a black hole in the public finances. Confidence levels could be knocked and spending curbed. Princes could be the victim of grocery product substitution, and that would be a terrible start to life as a UK listed entity.”
He added: “In the longer term there are reasons why certain people might still find the company attractive. Princes has a clear growth plan, which includes pushing harder on Italian food, expanding its oil range, diversifying its seafood offering, doing more in the drinks market, and entering new areas such as infant nutrition and free-from products.
“A company with energy and brand strength is exactly what the UK stock market needs. Princes now must deliver on its ambitions, otherwise it could be left sitting on the shelf as far as investors are concerned. The IPO is expected to happen later this year.”