Associated British Foods

Associated British Foods plc

Formerly	George Weston Holdings plc (1934–1994)[1]
Company type	Public
Traded as	LSE: ABF FTSE 100 Component
Industry	Food processing Retail
Founded	20 October 1935; 89 years ago (1935-10-20)
Founder	W. Garfield Weston
Headquarters	London, England, UK
Area served	Worldwide
Key people	Michael McLintock (chair­person)  George G. Weston (CEO)
Products	Food ingredients
Revenue	£19.750 billion (2023)[2]
Operating income	£1.383 billion (2023)[2]
Net income	£1.068 billion (2023)[2]
Total assets	£18.844 billion (2023)[2]
Total equity	£11.193 billion (2023)[2]
Owner	Wittington Investments (54.5%)
Number of employees	133,000 (2024)[3]
Subsidiaries	AB Agri AB Mauri AB Sugar AB World Foods Allied Bakeries Allied Mills ACH Food Companies British Sugar Dorset Cereals Illovo Sugar Primark Wander AG
Website	abf.co.uk

Associated British Foods plc (ABF) is a British multinational food processing and retailing company headquartered in London, England.

Its ingredients division is the world's second-largest producer of both sugar and baker's yeast and a major producer of other ingredients including emulsifiers, enzymes and lactose.^[4] Its grocery division is a major manufacturer of both branded and private label grocery products and includes the brands Mazola, Ovaltine, Ryvita, Jordans, Kingsmill and Twinings.^[4] Its retail division, Primark, has some 384 stores across several countries, predominantly Germany, Ireland, Netherlands, Spain, and the UK.^[2] ACH Food Companies is an American subsidiary.

Associated British Foods is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.

The company was founded by Canadian W. Garfield Weston in 1935, initially as Food Investments Limited, with the name changing to Allied Bakeries Limited a month later.^[5]

Between 1935 and 1956, ten national and regional bakery companies were acquired by Allied, including Barrett and Pomeroy, and London and Provincial Bakeries. The largest acquisition at this time was in 1955 when Allied bought the British operations of the Aerated Bread Company, founded in 1862. This acquisition included both the bakery business and the chain of cafeterias, the A.B.C. Tearooms.^[6] Allied paid $8.1 million for A.B.C. At that time, Allied had a large share of the UK baked goods market. Allied's market share prior to acquiring A.B.C. was 10% of all UK bread production and the sale of 20 million biscuits per day. Allied's sales the year prior were $154 million with profits of $12.6 million in current dollars.^[7] With the acquisition of A.B.C., Allied almost doubled its share of the UK's bread market by the end of the decade.^[8] In December 1954 they purchased from Howardsgate Trust the single Fine Fare Supermarket in Welwyn Garden City, the Welwyn Store grocery branches and the bakery businesses owned by the Trust.^[9][10]

Allied, under its new name, adopted in 1960, of Associated British Foods, continued to run A.B.C. as a separate brand after its takeover, with a major A.B.C. bakery in Camden Town, London. This closed in 1982 and the A.B.C. name was retired.^[11]

Following the death of the founder in 1978, control of the company was passed on to his son Garry, while the North American operations fell to his son Galen.^[12]

The company sold Fine Fare in 1986 to the Dee Corporation, and in 1991, went on to acquire British Sugar.^[13] In 1997, ABF sold its retail operations in Ireland (including Northern Ireland) to Tesco.^[14] These businesses were: Quinnsworth and Crazy Prices in the Republic of Ireland and Stewarts Supermarket Limited and Crazy Prices in Northern Ireland. This sale also included the Stewarts Winebarrel off-licence chain, Lifestyle Sports & Leisure Ltd (a retail sports and leisure business), Kingsway Fresh Foods (a meat processing facility) and Daily Wrap Produce (a fruit and vegetable packaging plant).^[15]

In May 1994, Greggs acquired the Bakers Oven chain from the company.^[16]

In 2000, the company sold its interests in Burton's Biscuits.^[17] In 2002, it acquired the Mazola corn oil, Argo and Kingsford's cornstarch, Karo and Golden Griddle syrups, and Henri's dressing brands, along with several Canadian brands, from Unilever;^[18][19] in 2004, it acquired the Tone's spice business and Fleischman yeast business from Burns Philp;^[20] and in 2007, it purchased Patak's Indian food business.^[21]

On 26 March 2011, Associated British Foods, and its parent company Wittington Investments, were targeted over tax avoidance by UK Uncut during anti-cuts protests.^[22] The tax avoidance scheme involved moving capital between ABF/Primark and the affiliated Luxembourg entity ABF European Holdings & Co SNC by means of interest-free loans, avoiding tax of about £9.7 million per year.^[23][24] The protest took the form of a mass sit-in in Fortnum & Mason.^[25]

In February 2013, the firm denied "illegal and immoral" tax evasion after it was accused by an international charity of moving its profits outside Zambia to reduce its tax bill. ActionAid said Zambia Sugar, a unit of AB Foods, had made profits of $123 million since 2007, but had paid "virtually no corporate tax" in Zambia.^[26]

In October 2013, the company denied being involved in unscrupulous uses of land, in an article containing reports of forced evictions by other companies.^[27]

In November 2024, George Weston, chief executive of ABF claimed that the recent UK Budget may lead it to invest more outside the UK over fears the High Street will bear the "weight of tax rises".^[28]

• Charles Sinclair, Chairman.^[32]
• George G. Weston, Chief Executive Officer.^[32]
• John Bason, Finance Director.^[32]
• Peter Smith, Independent non-executive director.^[32]
• Michael Jay, Baron Jay of Ewelme, Independent non-executive director.^[32]
• Timothy Clarke, Independent non-executive director.^[32]
• Javier Ferrán, Independent non-executive director.^[32]
• Emma Adamo, Independent non-executive director.^[32]

54.5% of ABF is owned by Wittington Investments.^[33] 79.2% of the share capital of Wittington Investments is owned by the Garfield Weston Foundation, which is one of the UK's largest grant-making charitable trusts, and the remainder is owned by members of the Weston family. Wittington Investments also owns Fortnum & Mason and Heal & Son. George G. Weston became chief executive of ABF on 1 April 2005, and Galen Weston, the chief executive of George Weston Ltd., is a non-executive director. Garth Weston is Regional President of AB Mauri.^[34]

• Official website