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| Formerly | George Weston Holdings plc (1934–1994)[1] |
|---|---|
| Company type | Public |
| LSE: ABF FTSE 100 Component | |
| Industry | |
| Founded | 20 October 1935; 89 years ago (1935-10-20) |
| Founder | W. Garfield Weston |
| Headquarters | London, England, UK |
Area served | Worldwide |
Key people |
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| Products | |
| Revenue |  £20.073 billion (2024)[2] |
| £1.998 billion (2024)[2] | |
| £1.480 billion (2024)[2] | |
| Total assets | £19.014 billion (2024)[2] |
| Total equity | £11.278 billion (2024)[2] |
| Owner | Wittington Investments (54.5%) |
Number of employees | 138,000 (2025)[3] |
| Subsidiaries |
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| Website | abf |
Associated British Foods plc (ABF) is a Britishmultinationalfood processing andretailing company headquartered inLondon, England.
Its ingredients division is the world's second-largest producer of bothsugar andbaker's yeast and a major producer of other ingredients includingemulsifiers,enzymes andlactose.[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 andTwinings.[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 theLondon Stock Exchange and is a constituent of theFTSE 100 Index.
The company was founded by CanadianW. 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 theAerated 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 UKbaked goods market. Allied'smarket share prior to acquiring A.B.C. was 10% of all UK bread production and the sale of 20 millionbiscuits per day. Allied'ssales the year prior were $154 million withprofits 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 singleFine Fare Supermarket inWelwyn 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 inCamden 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 sonGarry, while the North American operations fell to his sonGalen.[12]
The company sold Fine Fare in 1986 to the Dee Corporation, and in 1991, went on to acquireBritish Sugar.[13] In 1997, ABF sold its retail operations in Ireland (including Northern Ireland) toTesco.[14] These businesses were:Quinnsworth andCrazy Prices in the Republic of Ireland andStewarts 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 theBakers 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, fromUnilever;[18][19] in 2004, it acquired the Tone's spice business and Fleischman yeast business fromBurns Philp;[20] and in 2007, it purchasedPatak's Indian food business.[21]
On 26 March 2011, Associated British Foods, and its parent companyWittington Investments, were targeted overtax avoidance byUK Uncut duringanti-cuts protests.[22] The tax avoidance scheme involved moving capital between ABF/Primark and the affiliatedLuxembourg 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 masssit-in inFortnum & 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 outsideZambia 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]
54.5% of ABF is owned byWittington Investments.[33] 79.2% of the share capital of Wittington Investments is owned by theGarfield 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 ownsFortnum & Mason andHeal & Son. George G. Weston became chief executive of ABF on 1 April 2005, and Galen Weston, the chief executive ofGeorge Weston Ltd., is anon-executive director. Garth Weston is Regional President of AB Mauri.[34]
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