Associated British Foods plc – Annual report – 13 September 2025
Industry: food and drink, retail
29. Related parties
The Group has a controlling shareholder relationship with its parent company, Wittington Investments Limited, with the trustees of the Garfield Weston Foundation and with certain other individuals who hold shares in the Company. Further details of the controlling shareholder relationship are included in note 31. The Group has a related party relationship with its associates and joint ventures (see note 31) and with its directors. In the course of normal operations, related party transactions entered into by the Group have been contracted on an arm’s length basis.
Details of the directors are given on pages 94 and 95. Their interests in the Company, including family interests, are given on pages 136 and 137. Key management personnel are considered to be the directors. Their remuneration is disclosed in the Directors’ Remuneration Report on pages 114 to 139.
Material transactions and year end balances with related parties were as follows:
1. The fellow subsidiary undertaking is Fortnum and Mason plc.
2. The company with common key management personnel is the George Weston Limited group, in Canada.
31. Group entities (extract)
Control of the Group
The Garfield Weston Foundation is an English charitable trust established in 1958 by the late W. Garfield Weston. The Foundation has no direct interest in the Company, but at 13 September 2025 was the beneficial owner of 683,073 shares (2024 – 683,073 shares) in Wittington representing 79.2% (2024 – 79.2%) of that company’s issued share capital and the Foundation is therefore the Company’s ultimate controlling party. At 13 September 2025, the trustees of the Foundation comprised nine grandchildren of the late W. Garfield Weston of whom five are children of the late Garry H. Weston.
The largest and smallest group in which the results of the Company are consolidated is that headed by Wittington, the accounts of which are available at Companies House, Crown Way, Cardiff CF14 3UZ. It is the ultimate holding company, is incorporated in Great Britain and is registered in England.
At 13 September 2025, Wittington, together with its subsidiary Howard Investments Limited, held 421,243,985 ordinary shares (2024 – 421,243,985) representing in aggregate 58.8% (2024 – 56.6%) of the total issued ordinary share capital of the Company.
Wittington and, through their control of Wittington, the trustees of the Foundation, are controlling shareholders of the Company. Certain other individuals, including certain members of the Weston family who hold shares in the Company (and including two of the Company’s directors, George Weston and Emma Adamo) are, under the UK Listing Rules, treated as acting in concert with Wittington and the trustees of the Foundation and are therefore also treated as controlling shareholders of the Company. Wittington, the trustees of the Foundation and these individuals together comprise the controlling shareholders of the Company and, at 13 September 2025, have a combined interest in approximately 62.8% (2024 – 60.3%) of the Company’s voting rights. Information on the relationship agreement between the Company and its controlling shareholders is set out on page 140 of the Directors’ Report.
Accounts examples 