GSK to sell off Lucozade and Ribena brands
Pharmaceutical group GlaxoSmithKline has announced that it is putting two of its biggest brands, Lucozade and Ribena, up for sale in a bid to raise as much £766m.
The move follows a strategic review of its operations with reports of ‘immediate interest’ already being registered by investment banks and follows a 35% fall in fourth quarter net profits at the group to £839m.
Both brands boast a long and successful heritage, particularly in Europe where they bring in around £400m a year.
Lucozade was launched in 1927 with Ribena entering the market 10 years later.
GSK chief executive Andrew Witty said: “No decisions have been taken or options ruled out – we could increase investments in certain parts of the world, find a partner or divest the products.”