The owner of Accrington-based Holland's pies is selling-off one of their most famous biscuit brands, for a whopping £246million.

The 2 Sisters Food Group has entered into an agreement to sell part of its Fox’s Biscuits business to a Ferrero-related company who will acquire Fox’s biscuit manufacturing sites at Batley is West Yorkshire and Kirkham in Lancashire.

Ranjit Singh, president of Boparan Holdings Ltd, said: “Fox’s Biscuits has always been an attractive brand and as one of only two major independent biscuit makers in the UK, it is a prized asset in this market.

“We have listened to many interested parties over the years, but we have always been clear that Fox’s would only be sold to the right new home, at the right time and for the right value.

"This sale represents another significant deal for us, underlining our commitment to our business turnaround.

“It strengthens our balance sheet even further and shows we are following through with our promises to focus on our key strengths.

"I wish all colleagues at the two Fox’s Biscuits sites every future success with an ambitious new owner.”

Fox’s Biscuits is one of Britain’s best loved heritage biscuit brands and a major player in the biscuit sector, making household names such as Rocky Bars, Party Rings, Crunch Creams, Crinkle Creams, Chocolatey and Viennese.

Ferrero Group is the world’s third largest chocolate and confectionery business which has diversified into new sectors as it expands its global portfolio, while Ferrero and its related company represents now the second player in worldwide sweet biscuits market.

The purchase of Fox’s will be the second European biscuit acquisition within 12 months by a Ferrero-related company.

The formal completion of the sale is expected at the end of the month.