The Danish brewery Carlsberg is buying the British soft drinks manufacturer Britvic for the equivalent of 3.9 billion Euro. The Carlsberg Group plans to transform Britvic into an integrated beverage company called Carlsberg Britvic.
The takeover is intended to promote Carlsberg’s growth in Western Europe and achieve annual cost savings of the equivalent of a good 118 million Euro.
Fruit Shoot is making a splash this June by entering the squash category with two flavours: Berry Galaxy (Strawberry and Blueberry) and Tropical Jungle (Orange and Mango). With squash making up nearly half of all soft drinks for kids1, Robinsons Fruit Shoot’s latest move means retailers can offer parents a refreshing alternative from a brand they already know and love.
As the number one kids’ drinks brand in the UK2, Fruit Shoot is ideally placed to expand its portfolio into squash. Already a favourite with shoppers, its core range (Orange and Apple & Blackcurrant No Added Sugar Juice Drink) is growing by + 1 %3 (vs last year) and its naturally flavoured water range, Hydro, at + 12.8 %4 (vs last year). The new squash is aimed at children aged between 3 and 8 years old and is all about taking them on a flavour adventure through eye-catching pack designs and delicious flavour combinations.
Ben Parker, Retail Commercial Director at Britvic comments, “We can see a clear demand in the kids category for larger sharing formats, so this was the perfect time to expand Fruit Shoot into a brand-new category. As a well-known and trusted brand, Fruit Shoot is well placed to leverage its strong appeal with kids5 and parents, helping retailers to drive further sales within the category.”
The squashes have already launched into Amazon and Ocado, with a wider launch set for 2025, and has an MRSP of £2.
1Kantar Usage Panel In Home & Carried Out, Britvic Defined Dilutes, Share of Total Soft Drinks, Dilutes share of Total Soft Drinks by Age (Under 10s = kids), 52we 14.04.24 2Nielsen IQ RMS, to WE 13.04.24 MAT TY, Total Coverage GB inc Discounters, Britvic Defined Kids Database, Fruit Shoot, excluding Private Label, Value Sales & CGA by NielsenIQ, 52wks to December 31st 2023, Total Coverage OOH. Fruit Shoot, Value Sales 3NielsenIQ RMS, Total Coverage GB incl discounters, Britvic Defined Kids Database, Sales Value % Chg vs last year, 12 w/e 25.05.24 4NielsenIQ RMS, Total Coverage GB incl discounters, Britvic Defined Kids Database, Sales Value % Chg vs last year, 12 w/e 25.05.24
Britvic announced the appointment of Rémy Sharps as the Managing Director of Britvic Teissiere International, Britvic’s business unit which includes all operations in mainland Europe and all export markets. Rémy will succeed Hessel de Jong who will be stepping down from the company at the end of February, to focus on other opportunities.
Rémy spent 10 years with the Carlsberg group, working across numerous sales roles before being appointed Chairman and Chief Executive Officer of Kronenbourg SAS, France’s leading brewer and subsidiary of the Carlsberg Group. With his team, he successfully led the company’s turnaround, accelerated the premium development of the brand portfolio, the widespread success of alcohol- free beers, including the launch of Tourtel Twist, and also initiated a real agroecological transition through the launch of the first responsible barley sector, for the 1664 brand.
Before this he acted as Chief Sales Officer for Carlsberg Group globally working across over 80 markets to transform sales and revenue growth, especially in China and Western Europe. Prior to joining the Carlsberg Group, he spent 19 years with the Colgate Palmolive Group in various sales and marketing roles.
From today, 75 % of the electricity used to make Britvic soft drinks in Great Britain – from Fruit Shoot to Tango, Robinsons to J2O – is coming from a 160-acre solar farm in Northamptonshire.
Providing clean energy to factories in Rugby, London and Leeds, the ten-year solar power agreement covers three quarters of Britvic’s electricity needs in this country – with the aim of reaching 100 % solar powered operations in the near future.
The solar site, commissioned in January 2024 and operational from today, will generate 33 Gigawatt hours (GWh) of energy, enough to power the equivalent 11,500 homes. This could cut as much as 1,113 tonnes of carbon dioxide from the drink manufacturer’s supply chain each year – the equivalent of planting 260,000 trees.
Working with renewables provider Atrato Onsite Energy, the 650,000 square metre solar installation, will scale up to produce 28 MWp. This initiative is part of Britvic’s long-term commitment to achieve net zero carbon emissions by 2050.
Sarah Webster, Britvic’s Director of Sustainable Business, said: “This is an exciting opportunity to ensure that the some of the country’s most recognisable and much-loved soft drinks are powered by renewable energy.
“We know consumers want to buy more sustainable products, and this is another step towards reducing carbon emissions and our long-term sustainability targets.”
The project makes use of a former quarry site that is unsuitable for farming, with double-sided solar panels that use tracking devices to follow the sun, increasing efficiency by 10 %. The site will provide opportunities for allowing nature to flourish – a rewilding approach that will increase biodiversity.
The announcement is the latest milestone in Britvic’s Healthier People, Healthier Planet sustainability strategy. Last year Britvic signed an agreement to produce Ballygowan Mineral Water using 100 % renewable electricity from wind energy. The company also launched an £8 million project to improve energy efficiency and cut carbon emissions by 50 % at its Beckton site.
Gurpreet Gujral, Managing Director, renewable energy at Atrato Group said: “We are thrilled to complete this landmark and unique agreement with Britvic, reducing carbon emissions while delivering attractively priced energy. Our business model is all about designing unique structures for clients tailored to their energy consumption needs and real estate site constraints, while delivering on sustainability targets and lower energy costs.”
Chris Bowden, Managing Director of Squeaky Clean Energy, said: “Having pioneered the use of corporate power purchase agreements in the UK it has become abundantly clear that new and innovative contracting structures are needed to accelerate the transition to clean energy. The Squeaky team is incredibly proud to have scored another clean energy first with a unique power purchase agreement arrangement that enables Atrato to de-risk the financing of its project and Britvic to deliver on its Healthier People, Healthier Planet sustainability mission.”
About the data, originally provided by Britvic: Carbon dioxide reduction is calculated based on the CarbonFund’s assessment that a single kWh is responsible for 0.3712 kg of carbon dioxide.
Following the continued success of Tango’s rotational flavour series Tango Editions, Britvic is bringing its latest ‘Edition’, Tango Mango, to shelves and chillers this February. Tango Editions combine bold tastes, liquids and pack designs to produce striking products that stand out on shelves and in chillers. Succeeding Tango’s popular Paradise Punch flavour, this latest rotation is set to meet the demand for Mango flavoured drinks, giving shoppers more sugar-free options without compromising on taste.
Tango has more than doubled in sales in the last three years1, now worth over £96m RSV, and is still in double digit growth (+ 24 %).2 The brand’s successful rotational flavour series has seen Tango Paradise Punch become the number one flavoured fruit carbonate new product development of 20233, now worth over £13.6m RSV,4 with the year before seeing Tango Berry Peachy crowned the number one fruit flavoured carbonate new product development of 20225. What’s more, following its launch last June, Tango Apple Sugar Free is now worth £23.5m RSV6. These results demonstrate the brand’s well-placed position to grow the fruit flavoured carbonates category further with its latest flavour, particularly with mango flavoured drinks in double digit growth versus last year (+ 26 %).7
Ben Parker, Britvic’s Retail Commercial Director in Great Britain, said: “Our next big flavour launch, Tango Mango, drives appeal among new and existing Tango fans, generating additional sales opportunities for retailers. We understand retailers don’t have infinite space for new products, but the Tango Editions range has already proven to drive additional sales, and the rotational change seasonally maintains excitement and engagement with the brand. In addition, Tango Mango aims to attract a broader range of shoppers including Gen Z and families, expanding sales opportunities for retailers. Innovating in the fruit flavoured carbonates category will always be important to Tango – with new and exciting sugar free flavours, which play on the brand’s bold, fun tone and personality, helping to increase consumer purchases.”
Tango Mango is the latest sugar free flavour from Britvic, with the company’s continued innovation and reformulation programmes meaning an average of just 22 calories per 250 ml serve across its drinks portfolio globally. All activity is enabling the company to offer consumers healthier choices as part of its long-term Healthier People sustainability strategy.
Available from 1 February for 12 months, the fruit flavoured carbonate will be available to enjoy in formats to be consumed at home or on the go, helping retailers to tap into this market and drive soft drink sales with a popular flavour. The latest Edition is expected to be another success following consumer research8 and features a bold, modern pack design that is sure to catch shoppers’ attention and encourage them to Get Tango’d. The flavour will be available in a variety of formats: 330 ml can, 500 ml bottle, 2 litre bottles, 8 can multipack and 24 can multipack. The launch of Mango Tango will be supported by social media and influencer activity to increase awareness.
1NielsenIQ RMS, Total Coverage GB, Fruit Flavoured carbonates Britvic Defined, Product Range, Value Sales, Latest 52 Wks 3YA – w/e 09/01/21 (£46,393,571) vs Latest 52 Wks – w/e 06/01/24 (£96,161,604) 2NielsenIQ RMS, Total Coverage GB, Fruit Flavoured carbonates Britvic Defined, Product Range, Value Sales, Value % Chg vs YA, Latest 52 weeks to 30.12.23. 3NielsenIQ RMS, Total Coverage GB, Value/Volume sales, Fruit Flavoured Carbonates, Britvic Defined, YTD Calendar year 2023- w/e 30.12.23 4NielsenIQ RMS, Total Coverage GB, Value sales, Fruit Flavoured Carbonates, Britvic Defined, Latest 52 wks w/e 30.12.23 5NielsenIQ RMS, Total Coverage GB, Value/Volume sales, Fruit Flavoured Carbonates, Britvic Defined, YTD Calendar year 2022- w/e 31.12.22 6NielsenIQ RMS, Total Coverage GB, Fruit Flavoured carbonates Britvic Defined, Product Range, Value Sales, Latest 52 weeks to 30.12.23. 7NielsenIQ RMS, Total Coverage GB, Value sales, Total soft drinks, Mango flavoured drinks, Latest 52 wks w/e 30.12.23 8MMR Consumer Research 2023 Base, rep sample n=159
Xampla research among the UK public found that two in five consumers (39 %)1 are concerned about their vitamin D intake, rising to half of those aged 18 – 341. Particularly in the UK as we go into shorter days and longer nights, the importance of Vitamin D for bone health and a healthy immune system is pulled into sharp focus.
With nearly three in five consumers (57 %)1 preferring to boost their vitamin intake through food and drink products rather than tablets, a solution for transporting and storing vitamins – at their full efficacy – within consumer’s favourite products, is critical.
However, preserving essential vitamins, such as Vitamin D has been a significant challenge for brands to overcome. Though vitamin D is vital for our overall health, it is very easily degraded by sunlight, pasteurisation and low pH when it is added to products.
As a result, vitamin D added to, say, orange juice is significantly less potent when it reaches supermarket shelves than it was in the factory, and less potent again by the time it is poured into a glass.
Xampla and Britvic’s partnership is therefore a game-changer for the food and beverage industry. A groundbreaking collaboration will bring to market their micropackaging technology, which protects vitamins and nutrients in liquid from UV light, external pH and heat shock by encasing them in an edible layer of plant-protein material.
This incredible 100 % vegan and gluten free technology isn’t limited to just vitamin D; it can be deployed for micropackaging any oil-based vitamin or flavouring, including vitamin A, D, E, or K. Best of all, drinks using this technology can be transported in clear plastic bottles because the nutrients are already protected from UV light.
This is particularly important, as Britvic’s research has shown that consumers are 40 % more likely to recycle clear bottles over coloured ones.
The exciting part of this partnership lies in its ability to bridge the gap between consumer needs and the limitations of traditionally unstable added ingredients. Britvic is proud to have been supported by the UK’s innovation agency, Innovate UK, in recognition of the opportunity this presents for the industry.
Now an additional Better Food For All government grant, which recognises innovation in nutrition, will enable Britvic to increase the roll out of these microcapsules on an even larger scale.
In the future, consumers will find an array of drinks fortified with vitamins, housed in clear recyclable plastic bottles, on local supermarket shelves. Together Britvic and Xampla are empowering consumers to make healthier choices without compromise.
1Polling commissioned by Xampla. Fieldwork completed by Yonder from 12 August to 16 August 2022 of 4,000 UK adults.
The Board of Britvic plc announced the completion of the acquisition of the Extra Power energy drink brand from GlobalBev following receipt of regulatory clearance. As part of the transaction, Britvic has also agreed to acquire three additional Brazilian soft drinks brands from GlobalBev, including the energy brand Flying Horse, the juice brand Juxx and the acai smoothie brand Amazoo.
Collectively, this acquisition in Brazil enables Britvic to expand its brand portfolio and regional footprint. Energy is the fastest growing category in the market with volume growing 17 % in 20221 on the previous year and forecast to grow 20 % year-on-year in 20232. Within this category, Extra Power has broad-based distribution and 42 % market share3 in its core regions near Brasilia, while Flying Horse was the first international energy brand to enter Brazil around 20 years ago. Juxx is a premium juice brand with added health benefits, and Amazoo is an acai-based premium smoothie. In the year to December 2022, the acquired portfolio generated R$ 118 m of net sales, growing 26 % on the previous year.
This marks an important extension of Britvic’s Brazilian operations, consistent with Britvic’s strategy to accelerate and expand its presence across Brazil. The acquisition also includes a modern, efficient warehouse in Brasilia that will enhance Britvic’s supply chain efficiency across its wider portfolio and route to market into Brazil’s Centre-West region.
Simon Litherland, Chief Executive Officer commented: “The addition of these brands to our Brazilian portfolio will accelerate our growth trajectory in one of our key markets, as well as generate value overall. In line with our strategy to expand our business and accelerate our growth in Brazil, we now have a meaningful presence in the Centre-West region, providing the opportunity to scale our existing brands into territories where we’ve historically under-indexed, while also bringing new brands into our existing market regions.”
Britvic first entered the Brazilian market in 2015 with the acquisition of Ebba, followed by the acquisition of Bela Ischia in 2017. Since then, Britvic has developed fruit favourites such as Maguary, Dafruta and Bela Ischia into strong national presences known for innovation.
The Maguary brand heritage dates back to 1953 and, similar to the European flavour concentrates brands, is consumed by families at home. This heritage and family awareness enabled Fruit Shoot to be launched in Brazil as Maguary Fruit Shoot – following the same approach Britvic has followed in Europe, where Robinsons and Teisseire are the halo brands. New category launches in recent years have included Puro Coco and Natural Tea, both of which are ready-to-drink formats in the coconut and iced tea categories. More recently, the Brazilian team has expanded Maguary’s presence further, launching a plant-based chocolate drink.
Dafruta Tropical was launched in the flavour concentrates category, utilising the technical know-how of the Robinsons formulation. This new range uses real fruit, has a range of flavours and is pre-sweetened, differentiating it from the traditional concentrates in Brazil which require sugar to be added by the consumer. More recently the portfolio has expanded with the launch of Britvic Mixers and the premium Mathieu Teisseire range of concentrates for cocktails.
The growth market for fruit drinks in Brazil is perfectly complemented by Britvic’s fruit growing and fruit processing company, Be Ingredient, providing natural ingredients for Britvic and the international market.
1Nielsen Energy Market Data all regions 2Global Data volume forecast by category 3Nielsen Data
Britvic plc announced the acquisition of the Extra Power energy drink brand in Brazil from GlobalBev. This marks an important extension of Britvic’s Brazilian operations, consistent with Britvic’s strategy to accelerate and expand its presence across Brazil.
With 42% market share in its core regions near Brasilia, Extra Power enables access to the fast-growing, high-margin energy category. In addition, the acquisition includes a modern, efficient warehouse in Brasilia that will enhance Britvic’s supply chain efficiency across its wider portfolio and route to market into Brazil’s Centre-West region. In the year to December 2022, the acquired portfolio generated R$118m of net sales, growing 26 % on the previous year.
Simon Litherland, Chief Executive Officer commented: “I am delighted by this acquisition, which enables us to enter the higher-margin energy category in Brazil. In line with our strategy to accelerate and expand our presence in the country, we will access a growing category, extend our regional presence and deliver efficiencies in our supply chain. I am confident this acquisition will accelerate our growth trajectory in one of our key markets and generate great value for our business.”
This acquisition gives Britvic a meaningful presence in Centre-West region (Distrito Federal & Goias), providing the opportunity to scale its existing brands into a region where the business has historically under-indexed, as well as bring the acquired brand into Britvic’s existing footprint.
Britvic first entered the Brazilian market in 2015 with the acquisition of Ebba, followed by the acquisition of Bela Ischia in 2017. Since then, Britvic has developed fruit favourites such as Maguary, Dafruta and Bela Ischia into strong national presences known for innovation.
The Maguary brand heritage dates back to 1953 and, similar to the European flavour concentrates brands, is consumed by families at home. This heritage and family awareness enabled Fruit Shoot to be launched in Brazil as Maguary Fruit Shoot – following the same principle Britvic has followed in Europe, where Robinsons and Teisseire are the halo brands. More recently the local team has expanded the brand’s presence further launching a plant-based chocolate drink. New category launches in recent years have included Puro Coco and Natural Tea, both of which are ready-to-drink formats in the coconut and iced tea categories. The expansion of the portfolio continued in 2020.
Dafruta Tropical was launched in the flavour concentrates category, utilising the technical know-how of the Robinsons formulation. This new range uses real fruit, has a range of flavours and is pre-sweetened, differentiating it from the traditional concentrates in Brazil which require sugar to be added by the consumer. More recently the portfolio has expanded with the launch of Britvic Mixers and the premium Mathieu Teisseire range of concentrates for cocktails.
The growth market for fruit drinks in Brazil is perfectly complemented by Britvic’s fruit growing and fruit processing company, Be Ingredient, providing natural ingredients for Britvic and the international market.
In the financial year 2022, Britvic generated £143m of revenue in Brazil.
The acquisition of Extra Power will be funded from existing internal resources and external debt facilities.
The acquisition will require regulatory clearance but is expected to be completed around the start of Britvic’s next financial year in October 2023.
Britvic is expanding its iconic range of mixers and juices with the launch of three new Cocktail Mixers that tap into the increasing demand for elevated serves that also deliver on great taste. The move will help bartenders prepare perfect drinks every time, with only the addition of the chosen spirit needed to mix up classic cocktails. The range features Mojito, Piña Colada and Strawberry Daiquiri mixers, and will be available from August 2023 exclusively for the hospitality channel.
Cocktails are worth an impressive £686m in hospitality, having risen by 132 % in the past year1, and represent a significant growth opportunity for outlets. The new Britvic Cocktail Mixers were chosen from the top five ‘go-to’ cocktails, as half of consumers say they prefer classic drinks that they know and trust2. Operators will be able to trade up from standard mixed drinks to popular cocktails on their menus, as the range will offer delicious cocktails that can be made with ease.
Adam Russell, director of foodservice & licensed at Britvic, comments: “3. In the current climate, people need even more reason to be tempted out of home, with 88 % of consumers saying they want bars and pubs to provide them with an experience they can’t get at home.4 Premium serves and cocktails have a big role to play here.”
“Despite the opportunity, we know that half of bar owners say they don’t offer cocktails in mainstream outlets because they take too long to make, there are too many ingredients to stock or there is a lack of staff skill or knowledge. Our Cocktail Mixers are designed to make cocktails an easier opportunity to tap into and are the perfect addition to help operators serve cocktails more quickly, efficiently and cost-effectively.”
Britvic Cocktail Mixers will be available to the licensed sector from August 2023. All three mixers come in at under 40 kcal per serve, are HFSS compliant and are suitable for vegans. At Britvic, we have a long history of helping people make healthier choices and our innovation pipeline continues to focus on low and no-sugar products which meet HFSS regulations, all while maintaining our commitment to never compromising on taste.
The launch will be supported by social media, merchandising, and point of sale. The range will be available via www.sensationaldrinks.com.
Britvic, the FTSE 250 global soft drinks business, has partnered with Atrato Onsite Energy, a leading solar energy provider, to deliver clean energy to Britvic via an innovative 10-year Power Purchase Agreement (PPA).
Atrato’s new solar installation in Northamptonshire will generate energy exclusively for Britvic. It will have a total capacity of 28 MW and will be capable of generating 33.3 GWh pa of clean energy, the equivalent of powering 11,500 homes or planting 260,000 trees. The electricity generated will be enough to power 75 % of Britvic’s current operations in Great Britain, including its Beckton and Leeds factories, which can produce 2,000 recyclable bottles per minute for a portfolio of iconic brands including Tango, Pepsi and Robinsons.
As part of Britvic’s Healthier People, Healthier Planet sustainability mission to make a positive contribution to society, they are tackling their carbon footprint head on. Through innovation, utilising low carbon technology and energy sources, and establishing a more sustainable supply chain, Britvic is determined to play its part in securing a healthier future for the planet.
Britvic has committed to achieving net zero carbon emissions by 2050 and has led the industry as the first UK soft drinks company to have a 1.5 °C target verified by the Science Based Targets initiative. Britvic has demonstrated its commitment to this goal, having reduced its direct carbon emissions by 34 % since 2017 and generated 57 % of its energy needs from renewable sources in 2022, up from 28 % in 20181.
Progress has been achieved through significant investments across Britvic’s manufacturing base. For example, Britvic has installed five biomass boilers in Brazil, delivered multiple energy saving projects, is investing £ 4 million in a heat recovery system at Beckton, and they’ve recently announced a new Corporate Power Purchase Agreement in Ireland that will ensure that Ballygowan, Ireland’s iconic water brand, is produced using 100 % renewable electricity harnessed from local wind energy.
In this latest milestone, Britvic’s agreement with Atrato has provided the investment security needed to build the new solar farm in an old quarry in Northamptonshire. This will see 28 MW of new additional renewable energy capacity created as a result of the deal.
Atrato will supply Britvic with solar electricity that is commercialised on a pay as you generate basis but is delivered on a baseload basis that is consistent to the consumption needs of the company. This innovative and long-term PPA has underwritten the Atrato’s investment into this solar project.
Atrato has fully financed the solar installation, which is expected to be commissioned in early 2024. In only 19 months since IPO, Atrato has built a portfolio of 40 solar sites across the UK. Atrato is the green energy solution provider of choice for many UK companies with an impressive client list of blue-chip corporates including Tesco, Marks & Spencer, Anglian Water, Nissan and Amazon.
1Britvic Annual Report 2022, page 3
The UK’s favourite squash is launching a new packaging concept, Robinsons Ecopack – a highly concentrated squash in a plant-based carton. The Britvic brand continues to create innovative products that offer consumers more squash, with less plastic.
Launching exclusively in selected Tesco stores across the nation, the Robinsons Ecopack boasts a super concentrated liquid that contains 60 serves per 500 ml carton and is made from 89 % plant-based material. Robinsons’ new packaging innovation aims to reduce packaging waste with 85 % less plastic per serve, compared to a one litre bottle of Robinsons Double Concentrate. With a higher squash concentration compared to its single or double concentrate drinks, the carton is the equivalent of three single concentrate bottles and results in significantly less packaging per serve.
Fiona Graham, Innovation lead for Robinsons, said: “As a brand, Robinsons is continuously innovating and is committed to improving the environmental impact we have. Squash is already a sustainable product due to its concentrated format. Making Robinsons available in this new format allows consumers to feel confident in the knowledge that the pack they’ve chosen has more serves, but used less packaging per serve, and can be recycled once finished. All packaging types have their own unique benefits and challenges, and we know there is currently no one ‘silver bullet.’ That said, we believe that continuing to innovate with products such as Robinsons Ecopack will bring us one step closer to a solution and provide consumers with a range of options. The brand-new Robinsons Ecopack carton will be available via Tesco to begin with, and we are excited to learn what consumers think about the new format.”
Martin Shaw, Market Unit Manager at Elopak UK & Ireland, said: “We’re happy that Robinsons have chosen our Pure-Pak carton for their super strength squash product. Our renewable and recyclable carton packaging makes a great match with their products.”
The launch marks the latest activity for the brand, following a radical rebrand earlier this year and the launch of its new £4 million marketing campaign Get Thirsty. Robinsons Ecopack is one element of Britvic’s positive packaging strategy which seeks to reduce the need for unnecessary plastic, and make sure packaging doesn’t become waste.
Since 2017, Britvic has reduced the amount of virgin plastic it uses by more than 4,000 tonnes through packaging redesign, and it continues to increase the amount of recycled packaging and sustainably sourced materials it uses across its portfolio.
Last year, the company launched the Aqua Libra Flavour Tap – a sleek tap that reduces packaging waste by 99 %. The launch followed London Essence launching the Freshly Infused fount – offering premium tonic on dispense in 1,200 outlets across the UK and cutting packaging by 96 % when compared with traditionally packaged tonic water.
The Board of Britvic is announced that Ian Durant has commenced his tenure as Chair of Britvic plc. Ian succeeds John Daly who retired from the Board on 31 May after eight years on the Board, six of which were spent as Chair of the Company.
Ian has many years of experience in consumer facing businesses and in retail. He currently serves as the Chair of Warren Partners Ltd, having recently stepped down as Chair of Greggs plc and has previously served as Chair of DFS Furniture plc and Capital & Countries Properties plc in the last five years. His earlier career included senior leadership roles at Liberty International Plc and Thistle Hotels. Other boards he has served on as a Non-Executive Director include Greene King plc, Home Retail Group PLC and Westbury plc.
Ian was appointed Chair designate on 1 February and since been involved in an orderly handover of responsibilities with John.
Leading soft drinks business, Britvic, is redoubling its efforts to cut carbon emissions and save energy – with £8 million of investment to improve efficiency at its London factory.
The project, which kicks off this year at its Beckton site, will see the installation of a new heat recovery system – cutting factory emissions by an estimated 1,200 tonnes annually – equivalent to the annual energy usage of around 500 UK homes.
Part funded by a £4.4 million government grant from the Department for Energy Security and Net Zero, the new heat recovery system will see the soft drink manufacturer switching its heating from natural gas boilers to carbon free heat extractors.
Nigel Paine, Supply Chain Director, added: “At our Beckton site we produce 2,000 drinks every minute – including many of the nation’s favourites such as Robinsons, Tango and Pepsi MAX. We are constantly looking at ways to improve the way we create these products and I’m delighted that, as well as our own funds, the Department for Energy Security and Net Zero will be supporting us too. It means we can continue to supply the nation with great tasting drinks, while reducing our carbon footprint.”
With the help of the Department for Energy Security and Net Zero’s Industrial Energy Transformation Fund, this heat recovery system will take waste heat recovered from our existing systems, increase the temperature and redistribute it around the site using a new low temperature hot water network, replacing our carbon intensive steam system. This will decarbonise 50 % of the site’s heat demand by shifting its heat source away from fossil fuels.
Sarah Webster, Director of Sustainable Business, at Britvic, said: “This major investment represents a significant milestone in our journey to reduce our scope 1 and 2 carbon emissions in service of our science-based targets, and our Healthier People Healthier Planet sustainability strategy. The support from the Department for Energy Security and Net Zero has been integral to making this happen and it re-enforces our view that collaboration and partnership is critical to developing long-lasting meaningful solutions to protect the planet.”
With the project set to commence at the end of 2023, the move is a huge step towards Britvic’s commitment to reduce its direct emissions by 50 % by 2025 and to be net zero target by 2050, verified by the Science Based Target initiative. Britvic is making good progress having reduced its direct carbon emissions by 34 % since 2017.
Leading soft drinks business, Britvic, is announcing a further £13 million investment into a fifth canning line at its Rugby factory.
Based on the Glebe Farm Industrial Estate, the investment is expected to create up to 20 new jobs across engineering and manufacturing, as well as providing Britvic’s apprentices with an opportunity to take up full-time positions in the business.
The announcement is part of c.£40 million worth of investment into the factory over the past two years and takes the site into the top five largest soft drinks manufacturing sites in Europe.
Paul Graham, Britvic Managing Director in Great Britain, commented: “This investment is another example of our commitment to our people, product and planet goals.
“Developing our state-of-the-art supply chain means that we can increase the production capacity of peoples’ favourite brands, create more jobs and improve efficiency helping to reduce waste. We look forward to seeing the new canning line in action!”
These investments follow Britvic’s broader c.£250m business continuity plan investment in its British supply chain, which was completed in November 2019 and reflects the Group’s ongoing commitment to the continuous improvement of its operations.
The new set-up will see capacity increase by 14 %, producing 80,000 recyclable 330 ml cans per hour of some of the UK’s favourite brands including Tango and Pepsi MAX. The first cans are expected to hit shelves in the next few weeks.
The announcement follows the £27 million canning line investment in the factory in 2021 and £19 million to upgrade Britvic’s national distribution centre last year.
Tango is continuing to give the tastebuds in the UK a spanking with the launch of its popular apple flavour in a sugar free format. Tango Apple Sugar Free is the latest addition to the popular range, tapping into the growing demand for sugar free products. It captures that same great Apple Original taste, sugar free.
The Tango brand has doubled in size in the last five years, becoming the fourth largest brand in the fruit flavoured carbonates category1. Now worth over £61million2, Tango is well placed to continue its growth through sugar free flavours, which currently deliver £25million (+ 54 % vs last year) in value sales3. Tango Apple has a lot of heritage and has seen multiple organic social campaigns asking to bring it back in more pack formats. To satisfy consumer demand for sugar free flavours4 and, as the number one factor when choosing soft drinks is low sugar content5, it is the perfect time to introduce Tango Apple in a sugar free formulation.
Ben Parker, Retail Commercial Director at Britvic commented: “Tango has a proven track record when it comes to new product development with Tango Berry Peachy Sugar- Free the number one new fruit flavoured carbonate in 20226. Tango’s long heritage with the apple flavour and strong taste credentials, mean Tango Apple Sugar Free is well placed to continue this success and drive growth.”
Britvic is a leader in healthier soft drinks and well over 90 % of its brands in the UK are either no or low sugar drinks. Globally, its portfolio contains an average of 25 calories per 250 ml serve, with drinks in its Great Britain market being even lower.
Tango Apple Sugar Free is available in Tesco now and launches from mid-September across the wider market in a range of pack sizes.
1Nielsen IQ RMS, Fruit Carbonates Britvic Defined, Total Coverage, Value Sales, MAT 23.4.22 2Nielsen IQ RMS, Fruit Carbonates, Britvic Defined, Total Coverage Value sales MAT to 23.7.22 3Nielsen IQ RMS, Fruit Carbonates, Britvic Defined, Total Coverage Value sales MAT to 23.7.22 4Lumina Intelligence Channel Pulse, October 2021 5Mintel Soft Drinks Review – UK – June 2021 6Nielsen IQ RMS, Fruit Carbonates, Britvic Defined, Total Coverage Value sales MAT to 23.7.22
This summer, leading branded soft drinks business Britvic is celebrating the 35th anniversary of its Rugby factory, thanking colleagues for their dedicated service and showcasing the investment and innovation that has become synonymous with the company’s flagship facility.
Based on Glebe Farm Industrial Estate, the site has seen over £125 million of investment since 2018, with the factory most recently benefitting from a £27 million investment in a new state-of-the-art canning line in September 2021.
This is Rugby’s fourth canning line, growing the site’s total capacity by around 20% and creating 20 new jobs at the facility.
Boasting some of the fastest lines in Europe, the site’s new canning line operates at a rate of around 120,000 cans per hour, taking the factory’s total production to an impressive rate of just under half a million cans per hour.
Rugby MP Mark Pawsey said: “Britvic’s 35 years in Rugby represent a great success both for the company and for our town’s local economy.
“Over those years, their flagship factory has grown and created hundreds of jobs, including a vibrant apprenticeships programme which has given many young people a first taste of work.
“I was delighted to see the further investment in their fourth canning line which demonstrates their commitment to the Rugby site for many years to come.”
The investment provided Britvic with the additional capacity to drive agility and exemplary customer service, as well as boost production of some of the country’s most loved brands, including Tango, 7UP and Pepsi MAX.
Importantly, investment has seen the work force increase at the site, helping to bring the total number of employees to more than 340 and reinforcing Britvic’s commitment to the local community.
These roles span numerous disciplines, from engineering to manufacturing, with apprenticeships also a key component of the additional rise in employee numbers.
Paramjeet Pahdi, Director of Operations at Rugby, said: “As we celebrate 35 years of our Rugby site, I’m proud to look back at the journey we’ve been on together to make this facility the beacon of success it is today.
“I would like to thank all our colleagues for their contribution over the decades, without their hard work and dedication I have no doubt that we would not be here celebrating such a milestone.
“Looking to the future, Britvic is focused on ensuring that Rugby continues its success story as we develop the site with further investment, securing our future for generations to come.”
Over the past 35 years, Rugby has become well known for showcasing some of the fastest and best manufacturing technology in Europe.
The Rugby factory has also played a key role in Britvic’s sustainability efforts.
Continuous improvements have seen the factory cut the amount of water it uses – most recently by using the cooling water from its combined heat and powerplant as a source of hot water for the site – helping Britvic work towards its net zero carbon emissions target.
Celebrations for the 35 year anniversary began in May with a family fun day attracting more than 500 people to the site.
Employees and their families enjoyed the day with a resident DJ, fairground rides, a penalty shoot out, mini golf and a Britvic bar.
Leading branded soft drinks business, Britvic is joining forces with University of Cambridge-backed tech company Xampla in a GBP 1 million packaging innovation partnership.
After 15 years of Cambridge research, Xampla has developed the world’s first plant protein material for commercial use. This revolutionary material uses pea protein to make microscopic capsules that protect vitamins within liquid, stopping them from being broken down by sunlight.
Xampla’s work has seen the company secure GBP 1 million in funding from the UK Government’s innovation agency, Innovate UK, to scale up the technology and material processing.
The innovation is critical to delivering drinks fortified with vitamins in clear plastic bottles. Clear plastic bottles are considered a positive by consumers, with Britvic’s research showing that people are 40 % more likely to recycle clear bottles over coloured ones. However, the downside of clear bottles is that they let more UV rays in, losing the necessary protection for vitamin D.
Simon Hombersley, CEO of Xampla, said: “We are delighted to be partnering with Britvic to deliver innovation that will revolutionise the drinks industry and it is extremely exciting to see what our material can do at scale. Xampla works with businesses to help solve their biggest problems while also enabling customers to meet their sustainability goals.
“Britvic has a proud history of fortifying its products with vitamins and seeking sustainability in its packaging. Our partnership is about helping to do both even more effectively. We can’t wait to get started.”
Last year, major Britvic brands Fruit Shoot and 7UP made the shift to clear bottles to drive up recycling rates and Britvic has started to add vitamins B, C and D to Robinsons Fruit & Barley.
Meanwhile, leading Irish squash brand MiWadi 0 % Sugar contains vitamins B, D and zinc and children’s favourite Fruit Shoot has been fortified with multivitamins since 2016. Added vitamins C and D help support the immune system and the growth of strong bones, while B vitamins contribute to energy release.
Sarah Webster, Director of Sustainable Business at Britvic, said: “Our work with Xampla supports our Healthier People, Healthier Planet strategy.
“By agreeing this GBP 1 million partnership with each other, we have shown the power of collaboration between established players and cutting-edge innovators to deliver Healthier People and Healthier Planet.
“Xampla technology has the makings of a ‘win-win’, enabling delivery of greater nutritional value in the drinks people love, while ensuring that more products can come to market in clear, recyclable bottles.”
Britvic has a long history of fortifying drinks with vitamins. The FTSE 250 company started life in 1845 as The British Vitamin Product Company, with a mission to provide customers with an affordable source of nutrition. The company is committed to a programme to reduce unnecessary plastic and is working with Xampla through an Innovate UK-backed grant to develop new formats for delivery of soft drinks and nutrients within drinks.
News of the Britvic partnership follows a successful Xampla world first product launch with meal kit manufacturer Gousto last year, where Xampla created an edible film to be used as wrapping for stock cubes. The trial kits – for making an Indian Spiced Carrot & Lentil soup recipe – sold out within one hour of going on sale.
About Xampla Xampla is a spin-out from the University of Cambridge. Its Supramolecular Engineered Protein has been developed over the past 15 years. It has created the world’s first plant protein material for commercial use. Its material performs like synthetic polymers, but decomposes naturally and fully without harming the environment. Xampla is the first UK University spin-out to be awarded B Corp status.
Robinsons, the UK’s number one squash brand1, is launching a new range to help retailers capitalise on the ongoing health and wellness trend which has accelerated post pandemic2. Robinsons Fruit & Barley with added vitamins enhance the current Robinsons range and has been available since the 20th October. The five flavours available include – Orange, Peach (containing vitamins B, C&D), Summer Fruits, Apple & Pear, and Pink Grapefruit (containing vitamins B&C). The added C and D vitamins will help support the immune system and the growth of strong bones and B vitamins contribute to energy release, whilst we have maintained the same great taste of Robinsons3.
The range is set to boost Robinsons’ brand growth further with 59 % of people considering their health more when they shop, following the pandemic4. One in five shoppers have begun taking vitamins since the start of the first lockdown, while 47 % have said they intend to eat more healthy foods to support their immune system5.
Ben Parker, at home commercial director at Britvic, commented: “The launch of our new Robinsons range is set to boost awareness of the overall Robinsons range and encourages shoppers to try something new this autumn.
“The new added vitamins on-pack claim will drive purchase with the growing number of health-conscious consumers. Our research shows that the Fruit & Barley range is more appealing with vitamins C and D added6, and over one third of squash drinkers would be interested in buying a product with added vitamins or minerals7. As well as the planned consumer support, we have impactful POS to enable retailers to give it plenty of focus on-shelf and make the most of the opportunity.”
The launch of the Robinsons Fruit and Barley with added vitamins range was supported by OOH, social media, digital marketing and POS, to help make the products front of mind for shoppers when in store. Stocks of the new range have been available since the 20th October in grocery with an RSP of £1.65 and produced in 100 % recycled bottles (excluding caps and labels).
1NielsenIQ, Total, Scantrack, Value Sales, Total Coverage, Mat w.e. 28.08.21. Britvic defined, squashes category. 2Mintel – Wellness Trends to Watch in 2021 – January 2021 3All liquids have regulatory approval of reaching the minimum amount of dosage to state this claim (present at 7.5 % of the RI/100 ml.) 4Accenture COVID-19 Consumer Research, conducted March 19–25 and April 2–6 2020 5IGD ShopperVista, Has COVID Kick-Started new health trends? 10.09.2020 6Ipsos Robinsons idea screener Dec 19, opportunity score for Fruit & Barley with vits C&D 121 vs current at 88 7Mintel UK – Cordials & Squashes Report – Feb 21
This October, Fruit Shoot singles across its core range are making the move to 100 % rPET (recycled plastic) and clear bottles*.
The update is another step on Britvic’s journey to reaching its ambition that all bottles produced and sold in Great Britain will be made from 100 % rPET by the end of 2022. The product will also undergo a recipe refresh and packaging redesign for the first time in three years. Alongside its new clear bottle, Fruit Shoot will now be preservative free following a reformulation.
As the number one kids soft drinks brand[1], Fruit Shoot is supporting operators to meet the ever-changing needs and considerations of consumers. Sustainability is not only a growing concern, but is also now a factor in their decision-making. A study revealed that 95 % of parents hold brands responsible for addressing their sustainability concerns[2], with a further 71 % claiming they’ve become more concerned about sustainability since becoming a parent[3]. However, it isn’t just parents that are increasingly conscious of their impact on the environment, but also their children – as 95 % of kids say the environment needs protecting[4].
Adam Russell, director of foodservice & licensed at Britvic, comments: “One in four kids juice and juice drink occasions took place outside the home in 2019[5], and as restrictions have eased and families are back on the move, this is only set to increase further with kids drinking while out and about. As the number one kids soft drinks brand[6], Fruit Shoot already has strong brand awareness, but this latest update to the use of 100 % rPET bottles will also demonstrate its packaging sustainability credentials to parents. This is particularly important, as research we recently commissioned revealed that the majority of Brits (80 %) think it is important that manufactures and brands use recycled plastic[7].”
As part of wider consumer research, Britvic found the transition to a clear bottle had several impacts on parents’ perceptions – eight out of 10 parents said they would trust Fruit Shoot more and almost three quarters said it showed Fruit Shoot was more natural than they thought[8]. Made with real fruit, no added sugar, artificial colours, flavourings or preservatives, Fruit Shoot offers parents peace of mind when it comes to the health of their children.
The packaging update will include hand drawn elements added to each bottle, to bring it to life and add an element of fun. As a result, they will be eye-catching in outlets, driving appeal and purchase – particularly for those who are conscious about the contents of the products they purchase.
To drive awareness of the switch to 100 % rPET bottles, Fruit Shoot will be visible across outdoor and digital platforms early next year, demonstrating the new clear bottles with the messaging, ‘New CLEAR bottle, just as fruity!’.
*Across Fruit Shoot single and multipack bottles, excluding caps and labels. [1] NielsenIQ, Total Coverage, Value and Volume MAT to 24.07.21 & CGA Foodservice and Licensed Value and Volume MAT to 30.06.21 – Total Fruit Shoot, Kids Soft Drinks Category (Britvic defined) [2] Kantar Mumsnet Sustainability Study, May 2020 [3] Kantar Mumsnet Sustainability Study, May 2020 [4] https://www.moms.com/gen-alpha-cares-more-study/ Hotwire 1000 kids aged 5-7. 95% children say the environment needs to be protected. [5] Britvic’s Kidscope Research, 2019 [6] NielsenIQ, Total Coverage, Value and Volume MAT to 24.07.21 & CGA Foodservice and Licensed Value and Volume MAT to 30.06.21 – Total Fruit Shoot, Kids Soft Drinks Category (Britvic defined) [7] OnePoll research, 2,000 UK adults, Recycling Lifetime Survey, commissioned by Britvic, August 2021 [8] MMR, Clear Bottle quantitative study, May-June 2020.
As part of its commitment to the continuous improvement of its supply chain, Britvic is proud to announce a £26.9 million investment into the future of its factory in Rugby (UK), Britvic’s largest production site. The investment will see the installation of a fourth canning line, growing the site’s total capacity by a further 18 %. As a result, Britvic expects to create at least 20 new jobs at the facility.
The efficient new set-up will produce recyclable 330 ml cans for Britvic’s portfolio of leading brands including Tango, Pepsi and 7UP. The first cans are expected to be produced this November, with the new line fully up and running in 2022.
The new jobs will be predominantly in engineering and manufacturing, helping to build upon Britvic’s role as a leading employer within the community. Apprentices will also play a vital role during the expansion, filling some of the engineering roles and assisting with improvement projects as production commences.
Today’s news is further evidence of Britvic’s continued investment in its supply chain and follows the completion of the transformative £250m Business Capability Programme, improving facilities for the benefit of colleagues and customers.
Paul Graham, GB Managing Director at Britvic, has been appointed as the new President of the British Soft Drinks Association (BSDA) trade body following election at its AGM.
Paul takes over from Nichols CEO Dr Marnie Millard OBE, who led a number of initiatives during her time as President, including the BSDA’s role as a founder-member of Circularity Scotland Ltd, a scheme administrator for Scotland’s deposit return scheme (DRS).
Paul joined Britvic in September 2012 having worked in a range of commercial roles across all trade channels for United Biscuits and Mars Confectionery. He was promoted to his current position in July 2013 and was appointed Vice President of the BSDA in 2020.
He said: “I am delighted to be elected as the new BSDA President. I aim to continue the outstanding work of Marnie and past presidents on making further significant progress on a wide range of soft drinks-related issues, not least helping our partners in the hospitality sector get back on their feet after an extremely challenging year.
“As a founder-member of Circularity Scotland, the BSDA continues to work closely with the Scottish Government to develop its DRS, which is currently due to be introduced in 2022, although we are eager to see the Scottish Government review this date to help ensure delivery of a well-designed DRS system in Scotland that works for consumers and businesses.”
William Watkins, Founder and Owner at Radnor Hills, has been elected to replace Paul as Vice President of the BSDA. William founded Radnor Hills in 1991 on his family farm based on the Welsh borders. The business now produces more than 350 million products per year.
The BSDA represents UK producers of soft drinks, including carbonated drinks, still and dilutable drinks, fruit juices and bottled waters. Membership includes the majority of Britain’s soft drinks manufacturers as well as franchisors, importers and suppliers to the UK soft drinks industry.
Britvic acquires Plenish, plant-based drinks business
Portfolio comprises plant-based milks, cold-pressed juices and functional shots
The transaction strengthens Britvic’s offer in the high-growth plant-based milks and organic juice categories
Britvic announces the acquisition of Plenish, the plant-based milks, cold-pressed juices and shots company, and one of the most exciting brands in its category in Great Britain. Plenish joins Britvic’s portfolio of market-leading brands and strengthens the Group’s offering in the fast-growing plant-based segment.
Founded in 2012, Plenish offers a range of plant-based milks and plant-powered juice drinks all made from the highest quality, organic and sustainably sourced ingredients. The products are carried by major national grocery retailers. Plenish’s sales are further boosted by highly effective marketing and a sophisticated direct-to-consumer sales offer.
Kara Rosen set up Plenish in 2012 after looking for alternative solutions to deal with a recurring health issue. A native New Yorker, Kara moved to the UK and soon realised that there were no cold-pressed juices in the British market free of sugar. Kara decided to make her own juices and nut milks using mainly green vegetables from organic origin. Since then, Plenish has become one of the fastest growing plant-based milks brand in the UK, while its juice-led direct-to-consumer business continues to grow at over 100+ % pa. The transaction is closely aligned with Britvic’s strategy of building a portfolio of soft-drinks brands for every consumer occasion and its focus on accessing new spaces in the soft drinks category. Britvic has a long track record of successfully leveraging its scale and capabilities to grow its brands, and it will draw on this experience to fulfil the full potential of Plenish.
Britvic recognises the opportunity presented by the fast-growing plant-based drinks segment, with plant-based milks set to achieve retail sales values of over £500m by 2024. The non-soya plant-based milks market has grown more than tenfold over the past decade and it is fast becoming a mainstream category, with consumers favouring healthier, plant-based products over dairy.
The transaction also serves to strengthen Britvic’s Healthier People, Healthier Planet sustainability agenda. The Group is committed to ensuring its products help consumers enjoy life’s everyday moments, as part of a healthy, balanced lifestyle. Healthy nutrition is at the core of Plenish’s brand with a range of products containing the highest quality natural ingredients with low calories, that are certified organic by the Soil Association. As an accredited B-Corporation and a certified carbon negative business, Plenish’s approach to environment will contribute positively to Britvic’s Healthier Planet commitments.
Britvic announced it has reached agreement with PepsiCo for a new and exclusive 20-year franchise bottling agreement for the production, distribution, marketing and sales of its carbonated soft drink brands – including Pepsi, 7UP and Mountain Dew – in Great Britain. The new agreement extends the relationship, which commenced in 1987, to 31 December 2040 and includes the Rockstar energy brand, for which Britvic will take responsibility from 1 November this year.
Britvic also announced its intent for all plastic bottles in GB to be made from 100 % recycled plastic (rPET) by the end of 2022 – three years earlier than originally planned, and ahead of the previous target of 50 %. This will cover the entire GB portfolio of Britvic-owned and PepsiCo brands, and demonstrates both companies’ commitment to sustainability and to a healthier planet.
Britvic confirmed that following approval by the French Competition Authority in July, Britvic has now completed the sale of its juice assets in France to Refresco. The sale includes the three juice manufacturing sites, related private label juice business and the Fruité brand.
Britvic retains ownership of the Pressade and Fruit Shoot brands, which will be manufactured by Refresco as part of a long-term partnership arrangement. The transaction will not affect the Teisseire and Moulin De Valdonne brands or the private label syrups business, all of which are all manufactured at the company’s production site in Crolles.
This transaction supports our stated strategic priority to improve operating margins in our Western European markets, while also enables our teams to focus on growing our soft drinks portfolio of local favourite and global premium brands.
The Board of Britvic announced that it has entered into exclusive discussions with Refresco over the potential sale by Britvic of its three juice manufacturing sites in France, its related private label juice business, and the Fruité brand. The proposed sale is subject to a consultation process with the relevant employee representatives, which has now been initiated, and also subject to competition clearance by the French Competition Authority. Britvic will retain ownership of the Pressade and Fruit Shoot brands, which would be manufactured by Refresco as part of a long-term partner arrangement. The transaction will not affect the Teisseire and Moulin De Valdonne brands or the private label syrups business, which are all manufactured at the remaining site in Crolles.
The value of the transaction is not material and would result in a modest impact on adjusted EBIT. The transaction would be expected to complete in Spring 2020. The retained business would be smaller and higher margin, enabling the local management team to focus on building its branded business. An update will be provided at the Preliminary results announcement on 27 November 2019.
About Britvic Britvic is one of the leading branded soft drinks businesses in Europe. The company combines its own leading brand portfolio including Robinsons, Tango, J2O, Fruit Shoot, Teisseire and MiWadi with PepsiCo brands such as Pepsi, 7UP and Lipton Ice Tea which Britvic produces and sells in GB and Ireland under exclusive PepsiCo agreements. Britvic is the largest supplier of branded still soft drinks in Great Britain (“GB”) and the number two supplier of branded carbonated soft drinks in GB. Britvic is an industry leader in the island of Ireland with brands such as MiWadi and Ballygowan, in France with brands such as Teisseire and Pressade and in Brazil with Maguary and Dafruta. Britvic is growing its reach into other territories through franchising, export and licensing. Britvic’s management team has successfully developed the business through a clear strategy of organic growth and international expansion based on creating and building scale brands. Britvic is listed on the London Stock Exchange under the code BVIC and is a constituent of the FTSE 250 index.