Sir Jim Ratcliffe is hoisting a ‘for sale’ sign over the business he set up during the COVID-19 crisis to distribute hand sanitisers to medical professionals and consumers.
Sky News has learnt that the billionaire petrochemicals tycoon has instructed advisers to launch an auction of Ineos Hygienics, which was created during the pandemic, establishing six factories within ten days to address a global shortage of sanitising products.
City sources said on Tuesday that Ineos was working with Interpath, the advisory firm, on the sale.
The financial performance of Ineos Hygienics was unclear, although insiders said it was being run as a conventional sale process, rather than on a distressed basis.
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Ineos has sought to promote the sanitisers arm by linking it to its portfolio of sporting properties, which includes a stake in the Mercedes Formula One team and a partnership with the New Zealand All Blacks.
In 2021, the conglomerate struck distribution deals to sell its products through Sainsbury’s supermarkets and Ocado, the online grocer.
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The proposed sale marks a comparatively rare disposal for the acquisitive Monaco-based billionaire.
Ineos did not respond to a number of emailed requests to its media relations department but says on its website: “As Europe’s largest producer of high-purity synthetic ethanol, INEOS was in a unique position to respond to the global shortage of hand sanitiser when the pandemic struck in March 2020.
“Manoeuvring quickly to establish six new factories across the UK, US and Europe in just ten days, the company has distributed millions of bottles of hospital grade hand sanitiser to thousands of NHS, medical institutions and front-line health care workers around the world, for free.
“INEOS Hygienics is the official supplier of hand sanitation products to international sporting teams including Mercedes-AMG Petronas F1 Team, Tottenham Hotspur FC, INEOS Grenadiers and INEOS TEAM UK, helping to ensure that teams can continue to compete safely and with confidence.”
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Interpath’s role in managing the sale of Ineos Hygienics is unsurprising given its increasingly close ties to Sir Jim.
The consulting firm was drafted in by the tycoon after he acquired a large minority stake in Manchester United Football Club, a deal which completed last year.
Interpath has advised on a wide range of cost-cutting measures at the Premier League club, some of which have been adopted with controversial vigour.
Hundreds of jobs have been lost, with further reductions to its workforce regarded as inevitable.
Away from Interpath’s work with the Red Devils, which has now concluded, Sir Jim has also moved to slash costs in areas of the club which were previously regarded as untouchable.
These include funding provided to an association of former players and Manchester United’s charitable foundation, which Sky News reported in late December was braced for substantial cuts in contributions from the club.
Sir Jim’s conglomerate spans a vast range of businesses in areas such as petrochemicals, energy trading and shipping.
It is also building a 4×4 vehicle called the Ineos Grenadier and owns the fashion brand Belstaff.
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In sport, he has played a pivotal role in funding Britain’s recent challenges for the Americas Cup, although his partnership with Sir Ben Ainslie is reported to be descending into legal acrimony.
Ineos also now has a major presence in cycling.
