Glanbia finance director Mark Garvey admits that “he would not like to be trying to buy Slimfast for $350m [€319m] now”. The Irish food group swooped to buy probably one of the best-known players in dieting in November 2018, just weeks before the company launched its range of powders, drinks and snacks for followers of keto, a high-fat, medium-protein and low-carbohydrate diet.
Last year Slimfast posted sales of $325m, a huge increase on the $212m recorded in 2017, as American slimmers craved fat bomb snacks and keto cheesecakes. Consumption of Slimfast products, promoted by the actress Vanessa Hudgens, rose 49%.
It was a stunning performance from a freshly minted acquisition, but it was nowhere near enough to reverse a 46% decline in the Glanbia share