Chinese company Bright Food takes majority stake in Weetabix

Cereal brand Weetabix has been bought by Shanghai firm Bright Food, which has taken a majority stake in its parent company.

The Chinese company has taken a 60% share of the Weetabix Food Company, with private equity owner Lion Capital set to retain a 40% share.

The Northampton company also owns cereal brands Alpen and Ready Brek.

Giles Turrell chief executive of Weetabix, said: "While the company's focus has been on reinforcing and building on our leading position in the UK, I believe there are also substantial opportunities to further grow the business internationally, in North America, Asia and beyond."

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