Cider maker Aston Manor could be sold for more than £100m after it hired investment bankers to review the business.
According to The Telegraph, the UK’s largest independent cider producer, which was founded in 1983, is understood to have appointed advisers from Lazard to look at financing options for the Birmingham-based company, to help fund its growth plans.
It is thought that Lazard’s work is still in the very early stages, but selling the business behind Frosty Jacks super-strength cider and Kingstone Press is one option that will be considered.
Aston Manor could be valued at over £100m if sold, resulting in a windfall for majority owner Sir Doug Ellis, who offloaded Aston Villa to American billionaire Randy Lerner 11 years ago for £62.6m.
According to the firm’s latest accounts filed with Companies House, pre-tax profits fell by 24pc to £5.3m in 2015 on revenues that slid 11pc to £108.7m. The firm paid out £1.25m in dividends that year, the lion’s share of which will have gone to the Ellis family.
Lazard declined to comment.