Lucozade and Ribena sold for £1.35bn

The Lucozade and Ribena drinks brands have been sold by GlaxoSmithKline (GSK) to Japanese firm Suntory for £1.35bn.

Suntory already owns beverage firm Orangina Schweppes, and the deal is expected to help it expand into new markets.

The deal was widely expected after Suntory was reported to be in talks with GSK last week.

GSK chose to get rid of the well-known UK brands after deciding to focus on its core pharmaceuticals business.

Ribena and Lucozade saw combined sales totalling £600m last year, but GSK decided to offload the brands after a strategic review in April.

At the time, it said the brands would be able to grow better under different ownership.

Ribena first went on sale in the 1930s, while Lucozade dates back to 1927.

Both are made in the UK in Coleford, Gloucestershire.

BBCUK