Share Name Share Symbol Market Type Share ISIN Share Description
Volvere Plc LSE:VLE London Ordinary Share GB0032302688 ORD 0.00001P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 1,350.00 981 00:00:00
Bid Price Offer Price High Price Low Price Open Price
1,300.00 1,400.00 1,350.00 1,350.00 1,350.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 18.64 -2.43 590.10 2.3 35
Last Trade Time Trade Type Trade Size Trade Price Currency
14:25:29 O 181 1,305.00 GBX

Volvere (VLE) Latest News

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Volvere (VLE) Discussions and Chat

Volvere (VLE) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2021-03-01 14:25:301,305.001812,362.05O
2021-03-01 11:21:121,380.005006,900.00O
2021-03-01 09:10:591,305.003003,915.00O
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Volvere (VLE) Top Chat Posts

Volvere Daily Update: Volvere Plc is listed in the General Financial sector of the London Stock Exchange with ticker VLE. The last closing price for Volvere was 1,350p.
Volvere Plc has a 4 week average price of 1,350p and a 12 week average price of 1,350p.
The 1 year high share price is 1,570p while the 1 year low share price is currently 1,055p.
There are currently 2,571,922 shares in issue and the average daily traded volume is 2,353 shares. The market capitalisation of Volvere Plc is £34,720,947.
rivaldo: The price was unchanged yesterday at 1420p-1520p, so is up 30p today at 1450-1550p.
zoolook: Anyone know how much VLE has invested in Shire since it’s been acquired?
rivaldo: Cheers glawsiain. I've made use of the 30 day free trial. It's a long article, so forgive the length of the post. Some very interesting stuff, particularly as regards building up the food side further and about how little competition VLE have in their sub-sector of company acquisitions/turnarounds. And JL's comment that “We expect that sales in 2020 will be higher” is about as bullish as we can expect given the usual cautious tone :o)) "Jonathan Lander | Volvere The chief executive of the growth and turnaround investment company in London wants to build a portfolio of food businesses and says frozen is the winning category Buying and selling companies for a living is a risky business, but Jonathan Lander, chief executive of Volvere, has made it work for him for years – 18 to be precise. “We’ve never failed in any turnaround we’ve done,” he tells me. Lander adds that he founded the company with his brother in December 2002, and his words convey a sense of pride. “We have either bought a business and made it profitable and sold it, or bought it and made it profitable and kept it.” The latter has been the approach of choice since the acquisition of frozen pastry manufacturer Shire in 2011 – and the deal marked the beginning of Volvere’s food portfolio. “We didn’t know anything about food manufacturing, but we liked the management team, the factory, the food category Shire was in, and gradually worked with the management team to build it back up again,” says Lander. Lander emphasises that Volvere invests in companies in distress in any sector, but also in any company or business that’s not in distress but which complements the existing portfolio. “That’s what we did with [the acquisition] of Indulgence Patisserie – it was not in distress, but complementary to Shire.” Headquartered in Colchester, Indulgence joined Volvere’s portfolio in February last year. Volvere – the past tense of the Latin word meaning turned around – entered the market through an IPO on the London Stock Exchange that raised £3 million. The initial idea was to invest the proceeds in buying companies in financial difficulty. “With £3 million you can’t do very much,” says Lander, noting the danger that companies that fail to keep running smoothly may, in fact, not be great businesses. Over the first few years, Volvere bought and sold typically one business at a time. Lander says the company couldn’t afford to do more deals because the acquired businesses were loss-making or underperforming for a long period. “We gradually built capital, buying and selling businesses typically within three years,” explains Lander. Volvere invested about £500,000 in the deal with Shire Foods – and now owns 80% of the business. The company reported a 26% revenue increase in the 2019 financial year to £23 million, and £1.38 million profit – up 62% compared with the previous year. “We expect that sales in 2020 will be higher,” says Lander. Shire Foods celebrated its 50th anniversary in 2020 Following Shire’s acquisition, Volvere has focused on looking for companies in the food industry and Lander admits that frozen is a particular area of interest. “We also look at businesses in the chilled and ambient segment, but our first choice is frozen,” he says. A decade has passed since Lander got his hands on a food business for the first time, and the expertise he has acquired about the sector becomes apparent during the conversation. Lander talks about getting better margins, retail sales rotation, and customer relations with ease. Volvere: Frozen food focus Lander says he’s interested in frozen food companies for several reasons – products are cheaper to produce, goods have a long shelf life without adding preservatives, and the uptake of frozen food products is on an upward trend. He also argues that the quality of manufacturing and the consumers’ perception of frozen food is changing for the better. “The perception of frozen food in the UK, and possibly in other countries as well, was of being low-quality, cheap food, not fresh, so not good for you – but that’s an outdated view,” he says. “The other wrong view on frozen food is that it’s only suitable for pizzas. Consumers used to see frozen only for vegetables – peas for example. However, this view is also changing – you now see frozen ready-meals, pies, and prepared vegetables, all chopped and ready for cooking.” Lander believes the variety of frozen food in the marketplace is changing, driven by supermarkets like Iceland in the UK, which almost entirely sells frozen products. “Frozen food is also cheaper than chilled and ambient,” says Lander. “It’s cheaper partly because of the perception we talked about earlier, but also because it’s cheaper to make,” he says. Lander explains that manufacturers make money when they can do long production runs – a week’s production of one product can be stored frozen in a warehouse until it’s sold and then distributed to the client. He argues this method is also better for retailers because the longer shelf life means supermarkets throw away less food. “Frozen manufacturing makes the business more efficient, so you can offer products to supermarkets at a lower price,” he says, noting this way margins are higher. “Some of the benefits of the lower cost of manufacturing is passed on to supermarkets, and thus to customers.” The onset of Covid-19 hasn’t been good for anybody, but shifting consumer behaviour has impacted positively in the frozen category. In the UK, appliance firm reported a 200% spike in freezer sales in March, leading to a shortage of the equipment by July – and supermarket sales of frozen food in the 12 weeks to June surged by 19.4% – a whopping sales increase of £285 million. How did Shire manage to make a profit amid the restrictions of Covid-19? Shire did well because of the increase in supermarket sales. The business does have a food service component, but it’s quite small – less than 5%. The largest clients are discounters, Aldi and Lidl, for example, don’t have an online delivery service like Tesco, but because these supermarkets are growing so much, they’re still doing very well, and sales were good for us. What is the strategy to turn around Indulgence Patisserie? When we bought Indulgence, the company was primarily a foodservice business – and we all know how terrible Covid-19 has been for this sector. So, the recovery has taken longer. With Indulgence, we’ve been introducing the business to our supermarket clients, and that’s the strategy, not to rebuild the restaurant side of the business. What’s the secret sauce Volvere has to turn underperforming businesses around? It’s a combination of things. If the business has been in financial difficulty for a while, it often has a very stretched balance sheet – lots of debt. So, typically, we use an insolvency technique to remove the debt, either via administration or company voluntary arrangement. But there are subtle things we do, too. We sometimes change the management team, but generally, we have worked with the existing team. But most of the work is on improving financial information. Some companies don’t know if they are making or losing money, don’t know whether some products are loss-making or are profitable because their financial information is very poor. So we improve that. We support the company with its clients. We like to think that we stand with our companies in front of the customers. We go and see customers with them, and when a pitch is made for a new line, we are there, too. And we move people around within the group. It saves money, but it also improves people’s careers and ambitions. They enjoy more of what they’re doing because they’ve got multiple companies to work with. And that’s something we’ll do more as we buy more businesses. Are you open to selling the businesses in your portfolio? We never say never, so it depends. We would sell everything that we have at the right price. But our current thinking is that there’s more value to be made by growing them, and that’s our current plan. I want to grow a much bigger food business within Volvere. What competition looks like in your side of business? Competition is very limited in the turnaround area. This business requires a very specialist skill – there are two or three people who do it. I think we’re the only one who could say that we have never failed. We’re quite careful about the businesses we buy. And there’s very little competition for us because we’re not doing £50 million to £100 million transactions like traditional private equity houses. They don’t play in our area of buying loss-making companies – that immediately rules out almost everybody. How do you pitch your interest in the business to a company? If I’m pitching to a company that’s in difficulty, I say we’re not looking just to do a quick deal and flip a coin; if we decide to buy into you, we’ll invest in you, and I can show that we’ve never failed in doing that. There’s always a first time, but we have never failed. We don’t have a portfolio approach. We don’t just buy 10 businesses and hope six of them will make it, and I think that gives us a competitive edge. What M&A opportunities do you see in 2021? I see it as a year of two halves. The first half will be terrible, generally, both in terms of people’s ability to live normally and in terms of profitability for companies that are in the leisure sector – restaurants and foodservice. It will take months to reach the point of herd immunity with Covid-19 vaccination. So, it’s probably going to be second half before we start to see normality coming back. In the second half of the year, banks will start to look at their portfolio and see who can afford to repay, and who cannot, and we’ll see companies in financial distress – many of them in food manufacturing and foodservice. Lander tells me that Volvere is cautiously optimistic about the M&A landscape in the coming months. He believes there will be a pool of investment opportunities, but transactions need to be decided carefully. “I think there are more interesting opportunities for businesses that don’t just sell to restaurants, but deliver food to schools, to hospitals, and to workplaces, for example,” says Lander, noting many of them may have reduced demand, but it can come back up more quickly than restaurants. “There’s no doubt there is distress in the foodservice sector, and that is providing opportunities for us,” he concludes. Date published: 21 January 2021"
rivaldo: Looks like stock is scarce - three small-ish buys totalling 775 shares have pushed the price up 50p, and the last buyer paid the full 1450p offer price.
rivaldo: Canaccord have today declared a 7.28% stake in VLE, or 187,114 shares: Https:// It's taken them a while - they achieved it via the placing on 13th November! I see that Hargreave Hale have 6.51% and Canaccord Wealth the remaining 0.77%.
thewheeliedealer: Hi all, My mate Peter @Conkers3 and myself did a ‘Twin Petes Investing’ Podcast a few days ago and part of our discussion includes VLE and some similar Stocks. We also chatted about loads of other Stocks and Ideas for research and a fair bit of educational stuff with regards to Investing and Portfolio Management. Anyway, if you use Youtube, Apple, Audioboom, Overcast or Spotify you can find it under the 'Conkers Corner' Channel (you want Podcast TPI 39) and you can find it on Soundcloud at the link below. I hope you enjoy it and find it useful, we try to keep them light and they are totally unscripted, not like all the stuffy financial fodder you are probably more used to !! Happy New Lockdown !! WD @wheeliedealer hTTps://
rivaldo: Well, it's been another very satisfactory year for VLE since it started the year at 1120p or so. The current lockdown and restaurant closures should once again benefit Shire's food sales overall, with much increased retail sales offsetting the much smaller negative effect on foodservice sales. This effect should be magnified given that H2 is by far the better half for Shire's sales and profitability. 2021 should continue in the same vein, with acceleration from (1) the new range of and growth in vegan products, (2) the restructuring of Indulgence and (3) the synergies from the combining of Shire's and Indulgence's operations as above. And here's hoping it won't be too long before VLE find another tasty acquisition to turn around.
rivaldo: Wake up everyone :o)) £10m placing at 1350p....impressively, no discount at all to the share price. Us PIs have a chance to get involved too. Summarised by: "The Directors believe the current business environment will lead to an increase in distressed and turnaround opportunities available to the Group, specifically due to the impact of Covid-19 and Brexit in the UK." That would give VLE £26m+ of cash firepower. The Landers must have some decent-sized targets in mind.
glawsiain: Here you go: Volvere (LON:VLE) Share price: £14.50 (+5.5%) No. of shares: 1.8 million Market cap: £25 million Final Results Please note that I have a long position in VLE. As you may already know, I have an overly large position in this - 25% of my portfolio. Not exactly in tune with standard portfolio construction practices. When I originally bought in, it was for less than 10%. But the price has nearly trebled, so here was are. It's a turnaround investment vehicle, typically buying businesses out of administration. It then reinvigorates them, gives management a decent stake, and helps them to grow, before selling them on. Results - for those who closely follow the company, I don't think these results contain much that is new. The main points are: NAV per share now £13.85 Net assets £25.4 million (excluding non-controlling interests), of which £19 million is cash. The only operating subsidiary which was left at the end of year, Shire Foods, grew revenue by 25% and PBT (before Volvere's charges) almost doubles to £1.4 million. Volvere owns 80% of Shire (the rest of it was awarded to management), so its adjusted pre-tax profit that is attributable to Volvere is £1.1 million. One of the key features of the Volvere strategy is incentivising management at subsidiaries, and I note that Shire paid a £500k dividend. Shire management will have received £100k of this. Success in 2019 is explained as follows: I am pleased with the growth achieved in 2019, which came principally from a deepening of relationships with existing customers, resulting in wider distribution and broader product ranges. Particularly encouraging was the growth in vegan product lines, where we believe we have developed flavours and textures that appeal to a wide consumer audience Covid-19 impact - "too early to say" whether the sales uplift to supermarkets will be sustained and result in full-year growth. Foodservice customers have been hammered, and they represented 12.5% of Shire's 2019 sales. Volvere expects them to return to normal when trading restrictions are ended. Production and costs are affected by social distancing measures - "we are still achieving an encouraging level of output and, for the most part, meeting customer demand". Indulgence Patisserie - a small acquisition made earlier this year. It is making progress, with more to do: "...we have been working to improve customer and supplier relationships, increasing teamwork and investing in new systems - and whilst we have been encouraged on a number of fronts, there is still work to be done in making the business more efficient and reducing costs." Strategy - this bit is interesting. Jonathan Lander said on April 21st that markets were experiencing "peak gloom". But it looks like Volvere is waiting for more fallout from this crisis, before it does another deal. It's not in a rush: We are already seeing increased levels of distressed deal flow due to the COVID-19 pandemic. The length of the economic effects is uncertain, but I fear it is likely to extend well into 2021 and possibly beyond. The anticipated reductions in financial support from state schemes will probably trigger more hardship for individuals and companies. We will do what we can to rescue those businesses which we believe viable, in all sectors and geographies, in accordance with our investment mandate, but with added focus on building a larger group of food businesses, leveraging our competencies in this area. I think this is fairly clear, and sounds sensible. Remember that Volvere's strategy typically involves buying out a bank loan for a company in administration. But with the government support schemes currently in place, such as furlough and loans, many companies have avoided going into administration. It makes sense to wait until some of these schemes are over, and only then to make a move. My view No change to my view here (what did you expect?!) The share price is now at a small (5%) premium to NAV, but I don't think that's unfair. Remember that this vehicle has compounded wealth at an extraordinary rate for nearly 20 years now. A small premium for this sparkling track record hardly seems unreasonable. If we deduct year-end cash from Volvere's market cap, we are left with an enterprise value of just £6.4 million. With Shire earning (pre-tax) £1.1 million for Shire in 2019, the implied pre-tax earnings multiple is a mere 6x. Some cash has been used to buy Indulgence, but I note that Volvere did not even pay a premium over book value in that deal. And there is clearly some potential for it to benefit from the association with Shire, as they are both in the business of manufacturing frozen food. Happy to continue holding, then.
boadicea: When the dust clears, which may be some time, there are going to be many 'good' companies that have fallen into administration or similar due to lack of lquid reserves at the start of the crisis. Many may be capable, in sales and trading terms, of a strong bounce back but lack the cash to kick it off. We don't know what the official financing arrangements (government/banks) might be in such cases. Almost certainly there will be many sme's that fall into the finacial cracks in the system and thereby a prospect of a rich hunting ground for VLE to deploy its mainly liquid resources. The firmness of the VLE share price probably shows that my view is shared by others. The market (=all of us and certainly myself!) with some obvious exceptions (travel companies etc.) is having considerable difficulty in grading the magnitude of the effects as between companies, from the big losers (manufacturers lacking imported components?)to the marginal losers, or possibly marginal or large gainers (on-line education?). How transient will be the effects? Will a rush of investment into circumventory measures prove to be a long term waste of money? Certainly I see VLE as a firm hold since experience shows that the management is unlikley to make poor decisions in deploying its mountain of cash.
Volvere share price data is direct from the London Stock Exchange
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