DCC's food division takes in a range of products and services - from Kylemore bakeries and cafes to Bollinger champagne.

That's a pretty blue-chip range of products, but it's somewhat unfortunate that more than 50 per cent of those products are paid for in sterling at the time when sterling is stronger than it has ever been against the euro.

Currency factors were the main reason for the slippage in margins from 5.5 per cent to 5 per cent in the division in the first half.

Food is now the smallest of DCC's divisions and seems set to play a diminishing role as DCC targets its healthcare, energy and IT divisions for expansion.

Still, Jim Flavin was emphatic that DCC is still committed to its food business and seemed to rule out any prospect of a sale of the business, which had half-year turnover of €87.4 million and operating profits of €4.3 million this year.

But, the food distribution business is going through a phase of increasing consolidation as the multiples look for a small number of large suppliers to meet their needs.

Despite Jim Flavin's protestations, he is unlikely to slam the door on anybody waving a decent-sized cheque.

Domestic players like IAWS and Cantrell & Cochrane would undoubtedly be interested parties, as they both have distribution operations. C&C has already expanded from drinks to snack foods with the acquisition of Tayto so would certainly run the rule over at least part of the DCC foods business.