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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Bakkavor Group Plc | LSE:BAKK | London | Ordinary Share | GB00BF8J3Z99 | ORD 2P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 116.00 | 115.00 | 117.00 | 117.50 | 115.00 | 116.00 | 46,711 | 16:35:13 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Food Preparations, Nec | 2.2B | 51.9M | 0.0896 | 12.83 | 666.34M |
TIDMBAKK
RNS Number : 1810Z
Bakkavor Group PLC
16 May 2019
16 May 2019
Bakkavor Group plc
Acquisition of Blueberry Foods in the UK desserts category
Bakkavor Group plc ("Bakkavor" or "the Group"), the leading provider of fresh prepared food, is pleased to announce that it has entered into an agreement to purchase the trade and assets of Blueberry Foods ("Blueberry"), a desserts business owned by Samworth Brothers Limited ("Samworth").
Blueberry operates from a custom-built facility in Leicestershire with approximately 420 employees and produces a range of desserts for the UK's leading grocery retailers. A capital investment of more than GBP10m over the last 18 months has expanded the factory footprint and upgraded equipment to deliver new capabilities and competencies. In the financial year ended 31 December 2018, revenues were GBP42m and the business made a loss of GBP1m at an EBITDA level.
The acquisition of Blueberry is a strong strategic fit and will:
- build on our leading position in chilled desserts, providing both additional capacity and new capabilities such as hot desserts;
- bring operational synergies over the medium term as we incorporate Blueberry into our existing business.
- further strengthen our desserts offer to our two largest customers, both of whom are also important customers of Blueberry
The acquisition is conditional on completion of a TUPE process with affected employees and of other customary pre-closing conditions. It is expected to complete by mid-June 2019 and will be funded from existing facilities, with marginal leverage impact.
Commenting on the transaction, Agust Gudmundsson, Chief Executive Officer of Bakkavor, said:
"The acquisition of Blueberry is a great strategic fit for Bakkavor. Together with our recent addition of Haydens Bakery and a major investment at our site at Newark, our long-term commitment to growing our desserts category in the UK is clear. The team at Blueberry share our passion for providing outstanding service, quality and value to customers and we look forward to welcoming them to the Group."
ENQUIRIES
Institutional investors and analysts:
Peter Gates, Chief Financial Officer
Sally Barrett-Jolley, Head of Corporate Affairs +44 (0) 20 7908 6143
Media enquiries:
Tulchan Communications +44 (0) 20 7353 4200
DISCLAIMER - FORWARD-LOOKING STATEMENTS
This statement may contain forward-looking statements about the Group. Forward-looking statements involve uncertainties because they relate to events, and depend on circumstances, that will, or may, occur in the future. If the assumptions on which the Group bases its forward-looking statements change, actual results may differ from those expressed in such statements. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update these forward-looking statements. Nothing in this statement should be construed as a profit forecast. Some numbers and period on period percentages in this statement have been rounded or adjusted in order to ensure consistency with the financial information.
LEI number: 213800COL7AD54YU9949
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
ACQEAXSSFLENEFF
(END) Dow Jones Newswires
May 16, 2019 03:58 ET (07:58 GMT)
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