PREMIER Foods has snapped up the Indian and South East Asian meal kits business The Spice Tailor for an initial £43.8m.

The Spice Tailor is anticipated to generate revenue of £17.3m in the 2022/23 financial year, with the Mr Kipling owner enticed by its 20 per cent compound annual growth rate over the last four years.

"The acquisition is well aligned to our growth strategy and we see a clear opportunity to build on the excellent track record of The Spice Tailor by leveraging the elements of our proven branded growth model," Alex Whitehouse, chief executive officer, said.

Premier shares were up two per cent yesterday.

(c) 2022 City A.M., source Newspaper