Britain faces potential economic loss with Unilever’s ice cream listing at risk of moving to the Netherlands.
- The absence of a dedicated investment minister in the UK is viewed as a contributing factor to this risk.
- Gerry Grimstone, former investment minister, emphasises the necessity of appointing a suitable candidate promptly.
- The Netherlands is actively engaging with Unilever to secure the listing on the Euronext exchange.
- Unilever’s strategic decision to spin out its ice cream brands is intended to enhance business focus and performance.
The UK stands on the brink of losing a significant economic opportunity as Unilever’s £15bn ice cream listing may be relocated to the Netherlands. The absence of an investment minister in the British government has been highlighted as a pivotal factor in this potential move.
Former Barclays chairman and ex-investment minister Gerry Grimstone has publicly urged the government to appoint a minister to focus on fostering internal investments. According to Grimstone, the role demands familiarity with Whitehall intricacies and effective investor management.
In contrast, the Netherlands is proactively courting Unilever. Dirk Beljaarts, the Dutch minister of economic affairs, recently engaged with Unilever’s CEO Hein Schumacher to discuss listing the ice cream division on the Euronext exchange. This strategic meeting underscores the serious intentions of the Netherlands to secure this lucrative business listing.
Unilever’s ambition to create a more streamlined and accountable organisation led to its March announcement to separate its ice cream brands, including Magnum, Ben & Jerry’s, Wall’s, and Cornetto. The split, anticipated to be completed by the end of 2025, aims to focus on the brands’ unique characteristics and drive stronger performances.
Hein Schumacher, speaking on Dutch television, has suggested that establishing a separate stock exchange listing with its own headquarters could be favourable for the division. This reflects Unilever’s operational dynamics, with London as the primary listing location, the US as the major market, and the ice cream division operating out of the Netherlands.
The UK’s potential failure to act swiftly may see Unilever’s listing shift to the Netherlands, affecting its economic stakes.
