Tesco and M&S supplier Bakkavor to float in London

Tesco and M&S supplier Bakkavor to float in London

Bakkavor, the maker of fresh meals, pizzas and desserts for numerous UK's high-street retailers, is to float on the London Stock Market, raising around £100m to pay down debt and fund investment in the company.

The firm supplies Tesco, Marks & Spencer, Sainsbury's and Waitrose and says it accounts for 30pc of the United Kingdom market for freshly prepared meals. The Group has a total of approximately 19,000 employees, operating 26 factories in the United Kingdom, three in the USA and eight in China.

Founders Agust and Lydur Gudmundsson, who now own 59 per cent of Bakkavor, and hedge fund Baupost, which owns 41 per cent, will also sell down part of their stakes.

Sources have since said that the listing might be more likely to value Bakkavor in the £1bn to £1.5bn range.

"We have long-established relationships with the UK's leading food retailers and our quality products are core in their efforts to gain greater exposure in the exciting fresh convenience sector". "Through that time the business has retained its entrepreneurial edge while putting in place a hugely experienced management team with strength in depth across..."

During the first half of 2017 it made £903.3m in revenue and £77.7m in EBITDA.



Related Posts

Samsung Electronics shares jump on expected record third-quarter memory chip profit
The benchmark Korea Composite Stock Price Index (KOSPI) climbed 39.34 points, or 1.64 percent, to close at 2,433.81. The South Korean won also shot up to a two-week high on strong foreign demand for local stocks.

Time to update the 1791 Second Amendment
But it doesn't need a blanket Constitutional protection, either. "My rural County Sheriff's response time 20 min". They should want to change it fundamentally and permanently. "Gun ownership should never be outlawed", he writes.

Egyptian school renamed after Mohamed Salah
Egypt gained an unassailable four-point lead over Uganda at the top of Group E with one match remaining. I'm proud I made the Egyptians happy by scoring today twice against Congo.

Gilead Sciences Inc (NASDAQ:GILD) Institutional Investors Sentiment
ValuEngine raised shares of Gilead Sciences from a "buy" rating to a "strong-buy" rating in a report on Thursday, September 7th. The California-based Underhill Investment Management Llc has invested 9.21% in the stock. (NASDAQ: GILD ) for 4,283 shares.

Swiss flights affected by French strikes
Ryanair has cancelled more than 200 flights, which has affected about 40,000 passengers, including many from the UK. The education ministry said about 17% of teachers across the country were on strike.

Gunmen kill 2 varsity staff in Kenya
Kieng said the injured police officers managed to repulse the motorbike-riding attackers who had targeted to rob their rifles. One AP officer was badly injured and is now in HDU in a local hospital.

Inagural edition of the T20 Global League set to be delayed
Also, the tournament has not been able to fetch the broadcast deal or a title sponsor, which in turn incurred heavy financial losses.

Zuckerberg called "heartless billionaire" for Puerto Rico VR live-stream
Through AI, they intend to build population maps, which would help organisations to understand where help is needed the most.

NAC Says Kevin Lee Was Medically Fit For UFC 216 Fight
Deep down, Diaz and McGregor likely respect each other, but from what we've seen, the hatred shared between them is real. Ferguson emerged victorious from Saturday's event, submitting Lee in the third round to become the interim champion.

New Details on Assassin's Creed Origins Loot Boxes Emerge
Ashraf Ismail, the director of AC: Origins , has answered on his official Twitter account to some questions from the fans. The development team saw that as a valid way of playing so built-in the option of purchasing items if you're so inclined.

© 2015 ExpressNewsline. All Rights reserved.