£100m Bakkavor flotation plans back on

Bakkavor, the firm which makes desserts at sites throughout the East Midlands, has announced this morning that its flotation is back on.

The news comes just a week after the firm cancelled plans for an IPO.

However, this morning the company, which makes desserts in the region and has factories in Newark, Bourne and Spalding, said it was offering 144,856,397 Shares at 180 pence per Share, which would value the company in the region on £1bn.

Bakkavor says it hopes to raise £100m from the IPO, which it would invest back into the company.

Simon Burke, independent non-executive chairman of Bakkavor, said: “The Board and I are delighted to welcome our new shareholders. It is particularly pleasing that our initial register has such a strong presence of well-respected long-term investors, reflecting an appreciation of the quality of the business and its long-term prospects.”

Agust Gudmundsson, chief executive of Bakkavor, said: “This IPO represents a significant milestone in the development of Bakkavor. Our passion for making the best tasting fresh prepared food, underpinned by our expertise and our focus on innovation, has made Bakkavor the clear leader in an attractive and fast-growing market. We are pleased that this has been recognised by the investor community and look forward to delivering further growth and success as a listed business.”