Branston maker buys Liverpool’s iconic Royal Liver Building in cut-price deal
Princes, the food group behind the likes of Branston, Olivio and Batchelors, has acquired Liverpool’s iconic Royal Liver Building in a cut-price deal.
The company has purchased the building for £60m, three years after it was put up for sale for £90m. The sale was called off in November 2022 due to a lack of a deal being secured.
The Royal Liver Building was previously co-owned by Farhad Moshiri, the former majority shareholder of Everton, through a deal which saw international property group Corestate take it over in 2017 for £48m.
The grade I-listed building currently serves as the corporate headquarters for Everton as well as offices for HSBC, ITV, Grant Thornton and Princes.
Princes, which was founded in Liverpool 145 years ago, was sold in a deal worth £700m towards the start of 2024.
Mitsubishi Corporation, which had owned the Liverpool-headquartered group since 1989, sold it to Newlat Food S.p.A.
Princes’ brands also include Flora, Crisp ‘n’ Dry and Jucee.
In July last year, City PM reported that Princes had returned to profit in the year before the takeover.
The company said it intends to expand its presence within the Royal Liver Building.
Royal Liver Building an ‘enduring symbol of Liverpool’
Simon Harrison, CEO of Princes, said: “Liverpool is an integral part of our heritage and future.
“Securing the Royal Liver Building reflects our commitment to this great city, our people, and sustainable success.
“The Royal Liver Building is an enduring symbol of Liverpool, and it’s an honour for Princes to call it our home.”
Princes currently operate 10 sites across the UK employing almost 3,000 people.
Stuart Tait, head of commercial banking at HSBC UK, added: “Supporting businesses that invest in the UK’s communities is at the heart of what we do.
“We are delighted to have provided financing to Princes to secure this historical landmark in the city it was founded in, as well as an operational facility in Leeds.”
‘We’re building on a shared legacy’
Joe Dent, chief people officer at Princes, said: “With the purchase of the Royal Liver Building, we are investing in the future of our teams in a place that they take great pride in.
“Being headquartered in such an iconic location will continue to inspire our colleagues and cement our deep and meaningful connection to Liverpool.”
Angelo Mastrolia, chairman of NewPrinces Group, added: “With this acquisition, we’re building on a shared legacy.
“The Royal Liver Building will not only serve as a symbol of our ambition but also as a strategic platform for expansion, innovation, and cultural engagement.”
Marc Gorton, head of international banking, North and Midlands, said: “HSBC UK is pleased to support Princes’ acquisition of the historic Liver Building, demonstrating the business’ commitment to retaining strong roots in the city it was founded in.
“It’s great to see more businesses investing in the North West with Princes cementing its UK head office into this iconic building. We look forward to continuing to support the business with its future growth.”