LONDON – Fashion and food may not make such a good couple after all, according to Primark’s owner Associated British Foods , which is considering separating the businesses to unlock long-term value for shareholders.

As part of its annual results statement on Tuesday, ABF revealed that the board is working with Rothschild & Co. on a “review of the group structure, with a view to maximizing long-term value.”

It said that while no decision has been made, the outcome may lead to the board to undertake “a separation of the Primark and food businesses,” which take in sugar, grocery and agricultural products.

The review is being conducted in consultation with ABF’s largest shareholder, Wittington Investments , which said it “remains committed to maintaining majority ownership of both

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