Plant-based meal replacement maker Huel has hired advisers as it considers a potential initial public offering in London that could take place next year.
Huel, the “nutritionally complete” food that aims to replace a regular diet with an all-in-one powdered or drinkable meal, has hired advisers at Goldman Sachs and JP Morgan to work on a possible listing, the Financial Times first reported.
The Hertfordshire-based group is considering a couple of options for the future of the business, including a potential sale, but an IPO is said to be the preferred option.
Huel declined to comment on the plans.
The company last raised £20m in 2018, bringing its valuation at the time to £220m.
Its products are marketed at people who are perhaps too busy to eat a full meal but want to get “complete” nutritional value whilst on the go – a USP that is far more suited to commuter life post and pre-pandemic than during the lockdowns of the last two years.
Huel posted turnover of £71.6m in the year to July 2020, up from £50.2m a year earlier.