Retail in Asia

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China’s shopping spree: UK businesses taken over

The acquisition of Weetabix by a Chinese state-owned company continues the country’s voracious shopping spree for western brands and infrastructure as it seeks to develop and expand its rapidly growing economy

Here is a list of well-known British companies and services to have fallen into Chinese hands:

1. Weetabix: 60 percent share in the breakfast cereal maker bought on Wednesday in a deal worth GBP1.2 billion (USD1.94b) by Bright Food.

2. Gieves & Hawkes: famous Savile Row tailor sold on Wednesday to Trinity, an upmarket Chinese menswear company, for an initial GBP32 million, rising to a maximum of GBP60m, subject to the future growth of Gieves & Hawkes’s business in China.

(Source: guardian.co.uk)