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The owner of Primark is considering splitting the fashion retailer from its food division, which contains Twinings and Kingsmill, amid a “challenging external backdrop”.
Associated British Foods (ABF) said it was considering splitting off Primark from its food arm, which includes sugar production and grocery brands, “with a view to maximising long-term value”.
The group has launched a strategic review, carried out with the help of the advisory firm Rothschild & Co, with the backing of its largest shareholder, the Weston family’s Wittington Investments.
The company said the family, which owns 59% of ABF, remained “committed to maintaining majority ownership of both businesses”. The family sat in sixth position on the 2025 Sunday Times Rich List, with its wealth valued at nearly £18bn.
ABF, which is valued at £16bn as a group, said no decision had been taken and the board would provide and update “as soon as practicable”.
Earlier this year, the Primark chief executive, Paul Marchant, resigned after an allegation made by a woman about his behaviour towards her in a social situation.
The group also announced a fall in sales and profits on Tuesday as its sugar and agriculture businesses faced higher costs and it closed its Vivergo bioethanol plant.
ABF said pre-tax profits had slumped by more than a quarter to £1.4bn as revenues slipped by 3% to £19.4bn in the year to 13 September.
Its sugar business fell £205m into the red as its revenues slid 12% to £2bn after the decision to close Vivergo as well as higher costs and lower prices for its sugar.
Sales at Primark rose 1% to £9.5bn. A 3% fall in sales at established UK and Irish stores was offset by 20% growth in the US and 2% growth in mainland Europe, where Primark is opening new stores.
The company said sales were hit by “cautious consumer sentiment and the lack of a seasonal purchasing catalyst during mild autumn weather [last year]”.
It added that shopping activity within elements of Primark’s customer base was particularly weak as the spending power of those on low incomes was hit by higher energy and food bills.
Primark has more than 470 stores across 18 countries, including 187 shops in the UK.
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ABF closed Vivergo after the UK government signed a duty free deal on the product with the US. It is also finalising the merger of its bakeries business, which includes the Kingsmill brand, with rival Hovis.
George Weston, the chief executive of ABF, said: “This was a year of intense strategic and operational activity within ABF. Most of our businesses delivered robust financial results, while navigating a challenging external backdrop.
“Looking ahead, we are confident in the group outlook for 2026 although much depends on the consumer environment, which is particularly unpredictable at the moment.”
He said he fully backed the review, adding that ABF’s food business was “less well understood” than Primark but had “a highly attractive portfolio, deep global expertise and much potential”.
“Primark has an incredibly strong international brand, a powerful customer proposition, and substantial growth opportunities,” he said.
The “solar sharer” offer, set to be available from July next year, is designed to encourage households to use more power in the middle of the day – when solar is plentiful.
The energy minister, Chris Bowen, said he hoped the initiative would benefit the grid by taking pressure off during peak times.
“We’re a solar nation … with 4.2 million households with solar on their roofs,” he said.
How do I get free solar power?
Customers will need a smart meter to take it up the offer. Homes without a smart meter can request one from their energy retailer, and most will install them for free.
Different energy companies may offer different solar sharer plans, provided they meet minimal criteria to be set by the Australian Energy Regulator.
Further details of the scheme are yet to be finalised, with the energy department and regulator currently seeking feedback.
After the initial rollout, the government plans to consult with other states, with a view to extending the offer to other places by 2027.
What if I don’t want to wait?
If free power sounds appealing, households don’t need to wait for the regulated offer.
AGL’s Three for Free, Red Energy’s Red EV Saver, GloBird Energy’s ZeroHero, OVO Energy’s Free 3 plan and Synergy’s Midday Saver all offer free power periods.
The ACCC estimates that 79% of homes could save money by switching to a better deal.
The Australian government’s Energy Made Easy site compares energy price offers in NSW, Queensland, South Australia, Tasmania and the Australian Capital Territory. A similar tool is provided by the Victorian government.
Meanwhile more than 4.2m Australian homes are already benefiting directly from their rooftop solar.
“Solar customers consistently have lower bills, about 18% less than non-solar customers, even though they consume more electricity from the grid,” a report by the ACCC says.
“Customers with solar and battery systems pay even lower bills.”
Which households are likely to benefit most?
Bowen says the solar sharer offer will advantage households able to shift their power use into the zero-cost power period – like professionals or families working from home, retirees, or customers with smart appliances scheduled to turn on in the middle of the day.
For others, the solar sharer may not be the cheapest offer available. “This was never claimed to be a one-size-fits all answer to everyone’s problems,” Bowen says.
Brian Spak, the general manager for policy and advocacy at Energy Consumers Australia, says low-income households may have limited ability to benefit from these plans.
“The best way to maximise savings is to use more energy when power is free and less when it is expensive… but this is easier said than done,” he said.
“For households where no-one is home during the day, they may find it difficult to make use of cheaper power.”
How do I make the most of free power?
Helen Oakey, CEO at Renew, a national not-for-profit that advocates for sustainable living, says “It’s about being smart with your timing”.
“Run your dishwasher, washing machine or dryer in the middle of the day instead of the evening. Set your hot water system or heat pump to operate during daylight hours.”
Households can also set timers to pre-heat or pre-cool their homes at times when electricity is free or cheap, she says.
“If you’ve got an electric vehicle, you can plug it in for a midday ‘solar snack’ rather than charging overnight.”
Oakey says a well-insulated, efficient and fully electric home will “make every kilowatt go further”.
“Replacing gas appliances with electric options you can run during the day is one of the simplest ways to get more value from solar – whether it’s on your roof, or on someone else’s!”
Will free solar power make my bills cheaper?
Some are sceptical about the need for government intervention.
“I’m not sure anyone will necessarily benefit. It depends on the aggregate of their consumption and the prices that apply outside of those periods,” says Prof Bruce Mountain, the director of the Victorian Energy Policy Centre.
“This is populist nonsense,” he says. “These things have long existed in the market. There’s no need to mandate them.”
Households can already choose plans with zero cost periods, Mountain says – he himself has been on one for the last three years, switching his dishwasher, washing machine, and electric vehicle charger to make the most of those hours.
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