Ready meal group Bakkavor eyes IPO

Iain Gilbert WebFG News | 11 Oct, 2017 14:07 - Updated: 14:07 | | |

media images b bakkavor v2 image gallery logo and symbol logo normal 11

London-based ready meal provider Bakkavor intends to proceed with an initial public offering so it could begin trading on the main market for listed securities of the London Stock Exchange.

With the UK as its core market and Marks and Spencer, Waitrose and Tesco among its clients, Bakkavor said it is planning to list at least 25% of its shares on the London Stock Exchange in early November as part of an effort to raise £100m.

In addition to the IPO, London-headquartered Bakkavor said it would sell a portion of its shares to US hedge fund Baupost and to its co-founders Agust and Lydur Gudmundsson.

The deal was projected to see the firm valued at as much as £1.5bn with proceeds being used to reduce Bakkavor's leveraging, as well as seeing it make further investments into the business.

Bakkavor, which started in 1986 as a cod roe processor and exporter before the Icelandic brothers expanded the business, generated £1.8bn in revenue in its last financial year, culminating in a pre-tax profit of £63.1m.

HSBC and Morgan Stanley are leading the IPO, with Barclays, Citigroup, Rabobank and Peel Hunt also working on the deal.

More news

17 Nov Europe close: Stocks slip going into the weekend

Stocks reversed early gains as investors opted to play it safe going into the weekend and the euro edged a tad higher on the back of the political gyrations on Capitol Hill.

17 Nov Europe open: Stocks start slightly higher, analysts wary

Stocks have started the morning trading slightly higher, tracking overnight gains on Wall Street but analysts are worried about buying into Thursday's bounce.

17 Nov London close: Stocks finish week on down note

London's top flight index slipped on Friday, but managed to finish well-off its lows of the session despite renewed Brexit angst as the pound gave back early gains.

17 Nov Kingfisher gets RBC upgrade as 'reasons to be cheerful' in France

DIY retailer Kingfisher has more "reasons to be cheerful" thanks to an improving French outlook, analysts at RBC Capital Markets said on Friday, while clothes seller Supergroup remains "compelling" but its shares have gained a lot in recent weeks.

17 Nov NAV on the rise as Alpha Real Estate Trust turns focus to build-to-rent market

Real estate investment group Alpha Real Trust saw its net asset value (NAV) rise in its first half of trading as it moved to make further investments in build-to-rent projects.

17 Nov Pacific Industrial & Logistics completes sale of Bedford asset

Industrial and logistics-focussed real estate investment trust Pacific Industrial & Logistics has completed the sale of an asset located at Hammond Road, Bedford, for a total consideration of £5.8m, it announced on Friday.

17 Nov DP Poland cuts ribbon on 50th Polish Domino's store

DP Poland, which holds the exclusive master franchise for the Domino’s Pizza brand in Poland, celebrated the opening of its 50th location in the country on Friday.

17 Nov Mercia Technologies makes new investment into Aston EyeTech

National investment group Mercia Technologies has made a new direct investment into Aston EyeTech - a spinout from Aston University, Birmingham - which has developed a range of proprietary hardware and software products in ocular care, it announced on Friday.

17 Nov SimiGon receives final approval for $2m Israeli Air Force order

Modelling, simulation and training solutions provider SimiGon has now received final regulatory approval for a $2m purchase order received from the Israeli Air Force, initially announced on 20 June 2016, it confirmed on Friday.

17 Nov Agriterra losses grow after 'subdued' interest in corn products

Agricultural investment group Agriterra saw losses widen in the first half of its trading year as subdued demand for its maize flour products slashed revenues by more than a third.