Bakkavör

Bakkavör is an international food manufacturing company specialising in fresh prepared foods. The Group's head office is in London, England. It is listed on the London Stock Exchange.[3]

Bakkavör Group plc
TypePublic limited company
LSE: BAKK
FTSE 250 Component
IndustryFood manufacturing
Founded1986
Headquarters
London
,
England, UK
Area served
United Kingdom, Belgium, Italy, Spain, USA, China (including Hong Kong)
Key people
Simon Burke, chairman[1]
Ágúst Guðmundsson, CEO
ProductsReady meals, soups, sauces, prepared fruits and vegetables, salads, desserts, dips, pizzas
Revenue£1,885.9 million (2019)[2]
£89.7 million (2019)[2]
£36.9 million (2019)[2]

It was listed 27th in the 2015 Sunday Times Top Track 100.[4]

History

Bakkavör was founded in 1986 by the two brothers Ágúst and Lýður Guðmundsson, to manufacture and export cod to Scandinavia.[5] They expanded the business by selling convenience foods.[5] The company acquired Katsouris Fresh Foods in 1997 and Geest in 2005.[5]

Following the global financial crisis of 2008, Bakkavör became heavily indebted, forcing the Guðmundsson brothers into emergency talks with the company's bondholders.[6]

The Guðmundsson brothers' advisors, Deloitte, came under scrutiny for its advisory role when the brothers repurchased a major stake in Bakkavör from their investment company, Exista, in 2009.[7] The company delisted from the NASDAQ OMX in Iceland in 2010.[8] Lýdur and Ágúst Guðmundsson, faced fraud charges in Iceland in 2012 relating to their ownership of Exista.[9]

In 2014 the company simplified its structure selling its South African operation and a 40% stake in its Italian business later in the year.[10] The company acquired US prepared foods manufacturer B. Robert's Foods in January 2015.[11]

In January 2016, Bakk AL Holdings Limited, another company owned by Ágúst and Lýður Guðmundsson and funds managed by The Baupost Group, LLC, purchased shares in the company, taking its ownership to approximately 89% of the outstanding shares in the company.[12] Then in November 2017 the company was the subject of an initial public offering on the London Stock Exchange.[13]

Operations

The company produces a range of meals, salads, desserts and pizza and bread.[14] In April 2017, many supermarkets had to recall the company's hummus because of poor quality control.[15]

References
  1. "Board of Directors". Bakkavor.com. Retrieved 11 June 2018.
  2. "Preliminary Results 2019" (PDF). Retrieved 29 February 2020.
  3. "Bakkavör: our story". London Stock Exchange. Retrieved 20 June 2020.
  4. "Top Track 100 league table". The Sunday Times. Archived from the original on 13 June 2015.
  5. Jónsson, Ásgeir; Sigurgeirsson, Hersir (2016). The Icelandic Financial Crisis: A Study into the World's Smallest Currency Area and its Recovery from Total Banking Collapse. Palgrave Macmillan. p. 71. ISBN 978-1137394545.
  6. Bowers, Simon. "Icelandic tycoons could regain control of empire built on debt". The Guardian. Retrieved 11 September 2015.
  7. Mason, By Rowena. "Deloitte under scrutiny over sale of Bakkavor stake". Retrieved 11 September 2015.
  8. "Shareholders' meeting of Bakkavör Group hf on 26 March 2010". Global Newswire. 22 March 2010. Retrieved 2 March 2018.
  9. Bowers, Simon. "Icelandic sandwich tycoon Lydur Gudmundsson faces fraud charges". The Guardian. Retrieved 11 September 2015.
  10. "UK: Bakkavor sells stake in Italian asset". Just Food. 8 May 2014. Retrieved 2 March 2018.
  11. "Bakkavor Group buys B. Robert's Foods of Charlotte". Biz Journals. 12 January 2015. Retrieved 2 March 2018.
  12. Hipwell, Deirdre. "Fresh owners for Bakkavör". The Times.
  13. "Bakkavor revives IPO one week after shelving it due to 'market volatility". The Telegraph. 10 November 2017. Retrieved 2 March 2018.
  14. "London Stock Exchange welcomes Bakkavör Group plc to the main market". London Stock Exchange. Retrieved 2 March 2018.
  15. "Chickpeas suspected source of hummus taste issues". Food Quality. 27 April 2017. Retrieved 2 March 2018.
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