Bakkavor confirms stock market float

Bakkavor confirms stock market float”

The company, which holds the largest market share in the United Kingdom across ready meals, salads, desserts and pizza and bread, plans to raise £100m through issuing new shares.

Bakkavor, which was founded in 1986 and has its headquarters in London, is the number one producer by market share in the United Kingdom across Meals, Salads, Desserts and Pizza & Bread, with customers including Tesco, Marks & Spencer, Sainsbury's and Waitrose. It is also growing its presence in the United States and China.

The Lincolnshire-based company, which employs 16,500 people in the United Kingdom and also supplies Tesco, Costa Coffee and Sainsbury's, made a pre-tax profit of £63.1 million on revenue of £1.7 billion in 2017. They intend that Bakkavor will have a free float of around 25 per cent following the IPO.

The float will see 41 per cent shareholder Baupost and founders Agust and Lydur Gudmundsson, who own a 59 per cent stake, sell part of their shares.

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