NewPrinces tests London appetite with potential £700m float for Princes food arm

NewPrinces, owner of Princes, Napolina and Crisp ‘N Dry, has quietly sounded out City banks including BNP Paribas and Peel Hunt about a possible London listing of its international food division that could be valued at roughly £700m. The exercise is described as early and non‑binding and would be a high‑profile test of investor appetite as London struggles to attract new IPOs this year.

An Italian-owned food group that makes Princes tuna, Napolina pasta and Crisp ’N Dry oil is quietly sounding out City investors about a London share listing that, if it proceeds, could value the group’s international food operations at roughly £700 million and mark one of the higher‑profile floats on the market this year. According to The Times, the move is being targeted for the autumn and would see the food arm separated from the wider NewPrinces group; Sky News reports that banks including BNP Paribas and Peel Hunt have been engaged to test demand. (The company has described the exercise as early and non‑binding.)

The prospective flotation would not be the first time the group has engaged public markets: NewPrinces (formerly Newlat) already has listed divisions in Milan, and its chairman Angelo Mastrolia was reported as having indicated October as a target for any UK sale. Sky News and The Times both note the company’s caution, emphasising that no final decision has been taken and that advisers are still gauging investor appetite.

NewPrinces’ rapid expansion has been driven by acquisitive growth under Mr Mastrolia. Reuters’ profile of the group traces its transformation from a small milk business into a pan‑European food company through successive purchases — including the acquisition of Princes from Mitsubishi last year for £700 million — and records the group’s public listing in Milan in 2019. Reuters also warns that management will have to balance further dealmaking with a higher debt load and integration risks as it pursues expansion.

The timing of any float is significant because London has struggled to attract new listings this year. Dealogic data cited in reporting shows fundraising through London IPOs plunged to levels not seen in three decades in the first half of 2025, prompting concern about the market’s ability to host major growth companies. The weakness has prompted government action: Chancellor Rachel Reeves announced a Listings Taskforce under the Office for Investment to simplify rules and make the UK more competitive for capital‑raising as part of wider reforms to strengthen the capital markets.

A successful NewPrinces IPO would join a handful of other groups said to be eyeing London. The Times and the Financial Times name a number of candidates — from specialist lender Shawbrook and The Beauty Tech Group (owner of CurrentBody) to online travel firm Loveholidays — while City A.M. reports that The Beauty Tech Group has discussed a float that could be valued at around £350 million. Larger names remain under consideration for later windows: Norwegian software group Visma and fintechs such as Zilch and Thought Machine feature on lists of potential deals.

Shawbrook in particular illustrates the dual‑track thinking in the market: private equity owners BC Partners and Pollen Street are said to be weighing either a sale or an IPO that could value the lender at roughly £2 billion, with Goldman Sachs and Barclays reported to be involved in that process. Pricing conversations are expected to be sensitive — The Times reports friction with prospective investors over valuation — even as Shawbrook’s interim results showed pre‑tax profit strength that management portrayed as evidence of a solid performance.

Investors and bankers say a number of factors will determine whether tentative deals convert to actual floats. The Beauty Tech Group has expanded quickly through acquisitions and rising revenues, and its owners have been reported to be exploring a London listing as one strategic option, but sources stress these plans remain exploratory. Similarly, private equity‑owned travel platform Loveholidays and others have not publicised firm timetables, underlining that many potential floats are still at the “soundings” stage.

Market volatility has been another constraint. The Times traces an earlier setback to geopolitical and policy shocks that closed the spring IPO window — a volatility spike that persuaded at least some firms, including Santander‑backed payments group Ebury, to postpone planned listings. Nonetheless, advisers and brokers say sentiment has warmed since the spring: Peel Hunt describes the market as “selectively” open and Panmure Liberum’s deputy chief executive, Bidhi Bhoma, told The Times that “the phone has started to ring.” Peel Hunt’s chief executive, Steven Fine, and BNP Paribas’s Mark Lynagh were quoted as saying companies need preparation time but are beginning to re‑engage with the idea of listing.

For NewPrinces there are specific operational considerations. The group’s strategy of buying established brands and assets — most recently the Royal Liver Building in Liverpool, and a string of Italian dairy and speciality food acquisitions — underpins its growth story and provides scale in the UK, Italy and beyond. But analysts and Reuters point to the difficulty of integrating disparate businesses and the higher leverage that comes with serial acquisitions, both of which investors will scrutinise in any prospectus.

If it comes to market, the proposed NewPrinces float will be an important test of whether London can begin to regain momentum for IPOs. Sky News and other reporting make clear the proposal is at an early stage and could yet be shelved; for the moment the move is being pitched as a way to fund further growth in the food division and to create a standalone listed business, but realisation of that aim will depend on investor reception, pricing and wider market conditions heading into the autumn and beyond.

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Source: Noah Wire Services

Noah Fact Check Pro

The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.

Freshness check

Score:
8

Notes:
The narrative is recent, dated August 10, 2025. The earliest known publication date of similar content is May 16, 2025, when Sky News reported on NewPrinces’ engagement with banks for a potential London float. ([news.sky.com](https://news.sky.com/story/princes-foods-owner-picks-banks-for-700m-london-listing-13368877?utm_source=openai)) The report indicates that the company is in the early stages of gauging investor interest, with no final decision made yet. The narrative includes updated data but recycles older material, which may justify a higher freshness score but should still be flagged. The report is based on a press release, which typically warrants a high freshness score. No discrepancies in figures, dates, or quotes were found. The narrative has not appeared more than 7 days earlier.

Quotes check

Score:
9

Notes:
The narrative includes direct quotes from Sky News and The Times. The earliest known usage of these quotes is from May 16, 2025, in the Sky News report. ([news.sky.com](https://news.sky.com/story/princes-foods-owner-picks-banks-for-700m-london-listing-13368877?utm_source=openai)) No identical quotes appear in earlier material, indicating originality. No variations in quote wording were found.

Source reliability

Score:
9

Notes:
The narrative originates from reputable organisations: The Times and Sky News. Both are well-established UK media outlets known for their journalistic standards. The report is based on a press release from NewPrinces, which typically warrants a high reliability score.

Plausability check

Score:
8

Notes:
The narrative’s claims are plausible and align with recent developments. NewPrinces’ acquisition of Princes Limited for £700 million was completed on July 31, 2024. ([insidermedia.com](https://www.insidermedia.com/news/north-west/newlat-food-completes-700m-princes-acquisition?utm_source=openai)) The company has been considering a London listing since May 2025. ([news.sky.com](https://news.sky.com/story/princes-foods-owner-picks-banks-for-700m-london-listing-13368877?utm_source=openai)) The report includes updated data but recycles older material, which may justify a higher plausibility score but should still be flagged. The narrative lacks supporting detail from other reputable outlets, which is a concern. The tone and language are consistent with typical corporate communications.

Overall assessment

Verdict (FAIL, OPEN, PASS): PASS

Confidence (LOW, MEDIUM, HIGH): HIGH

Summary:
The narrative is recent and based on reputable sources, with no significant discrepancies or signs of disinformation. The inclusion of updated data alongside recycled material is noted but does not detract from the overall credibility.