History
The company was founded by Canadian Willard Garfield Weston in 1935, initially as Food Investments Limited, with the name changing to Allied Bakeries Limited a month later. In 1960 the name was changed again to Associated British Foods. In 1963 the Company acquired Fine Fare, a leading British supermarket chain. 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. While Garry maintained the company's prominence in the European foods market, ABF's growth has been eclipsed by the phenomenal performance of George Weston Limited in North America.
The company sold Fine Fare in 1986 and in 1991 went on to acquire British Sugar. In 1997 ABF sold its retail operations in Northern Ireland and the Republic to Tesco. These businesses were: Quinnsworth and Crazy Prices in the Republic of Ireland and Stewarts Supermarkets Ltd and Crazy Prices in Northern Ireland, 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).
In 2000 the company sold its interests in Burton's Biscuits. In 2004 it acquired the Tone's spice business and Fleischman yeast business from Burns Philp and in 2007 it purchased Patak's Indian food business.
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. 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. The protest took the form of a mass sit-in in Fortnum & Mason.
Read more about this topic: Associated British Foods
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