Tesco and Waitrose supplier Bakkavor readies itself for float valuing it at up to £2bn

 
Helen Cahill
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Shoppers at the Osterley branch of Tesco
Bakkavor supplies food to the UK's biggest supermarkets (Source: Getty)

Bakkavor, supplier of supermarkets including Waitrose, Tesco and Sainsbury's, is readying itself for a stock market float that could value it at up to £2bn.

The pizza and ready meal supplier appointed Rothschild to examine its options in January, and has now brought in advisers from HSBC and Morgan Stanley to lead the IPO later this year.

Read more: Microwave meal maker Bakkavor set for London float

Other firms working on the share sale include Barclays, Citigroup, stockbroker Peel Hunt and Rabobank.

Icelandic Lydur and Agust Gudmundsson established Bakkavor 31 years ago, and have grown the business into the UK's largest hummus supplier.

Last year, Bakkavor made £63.1m in pre-tax profits and £1.76bn in revenue. The business employs more than 18,000 workers, with around 16,500 based in the UK.

Bakkavor was the root of the “hummus crisis” earlier this year when its chickpea paste had to be recalled due to a “metallic” taste.

Bakkavor declined to comment.

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