Cranswick withdraws from process to buy pet food business

Food producer Cranswick said on Thursday that it has withdrawn from the process to buy UK pet food business Inspired Pet Nutrition, which owns the Wagg and Harringtons brands.

The company had confirmed a day earlier that it was engaged in a process regarding a potential acquisition, following a Sky News report.

Broker Peel Hunt said: "This is not a surprise, as pet food is a hot space at present, and it is likely that private equity would see potential for greater returns than if looked at on an return on investment basis."

When it first reported the news on Wednesday, Sky said "several" private equity firms had also tabled offers for Inspired Pet Nutrition.