Following a strategic review, announced in February 2011, Wessanen has sold its UK subsidiary Tree of Life UK to a trade buyer. This move is fully in line with Wessanen's strategy to focus on higher added value wholesale activities in the Wessanen Europe Health Food Stores segment. In the UK, the company will focus on its branded grocery business Kallo Foods Ltd, with brands including Kallo and Whole Earth.
In 2010, Tree of Life UK reported net revenue of €41 million. It has been sold for an undisclosed amount. A book loss of €3.3 million will be reported under 'operating result (EBIT)' at Wessanen Europe HFS in Q2 2011. In addition, following divestment in July, a net cumulative exchange loss deferred in equity of about €2 million will be reported under EBIT in Q3 2011.
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