Fish paste maker Shippam's to float
Steven Joseph, who with other directors has invested "several hundred thousand pounds" for just over a third of the company, believes Shippam's has a bright future in the fast growing chilled ready meals market.
He plans to use the paste maker as a springboard for a sequence of food company acquisitions to create a business he hopes will have sales of around pounds 200m by the time of its stock market debut.
This weekend's buy-in, thought to have a value of just under pounds 20m, was backed by NatWest Ventures, which is also expected to provide finance for Shippam's acquisitive growth. It has taken 65 per cent of the company's equity, with other debt provided by Bank of Scotland.
According to Mr Joseph, market research has shown that the Shippam's name could be readily transferred to food products beyond its traditional expertise in the little ribbed jars. It is looking at moving into packaged groceries and other recipe dishes.
"Shippam is an established business with a well known brand name which will continue to develop its range of sandwich products and ready meals," he said. "The backing of NatWest Ventures will provide us with the financial strength to grow the business."
It is currently in canned ready-made curries but these have been losing out to the chilled meals that have been such as success for retailers such as Marks & Spencer and Sainsbury's.
Shippam's was founded more than 200 years ago and was a family-run business until its acquisition by American food group Pet in the 1980s. GrandMet acquired Pet two years ago.
- 1 What happens to your body when you give up sugar?
- 2 Ed Miliband deemed less influential than One Direction's Louis Tomlinson by official Doncaster power list
- 3 Japanese island overrun with cats after population explodes
- 4 Delhi bus rapist blames dead victim for attack because 'girls are responsible for rape'
- 5 Have sex with your iPad thanks to the new sex toy no-one asked for
California teacher appears to have hanged herself in her classroom
The City of the Monkey God: Archaeologists claim to have found city lost for 1,000 years in remote Honduran jungle
Ed Miliband deemed less influential than One Direction's Louis Tomlinson by official Doncaster power list
Japanese island overrun with cats after population explodes
Delhi bus rapist blames dead victim for attack because 'girls are responsible for rape'
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Durham Free School: 'Creationism taught at' free school facing closure
Ukip would cut billions from Scottish budget to fund English tax cuts
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
End of the licence fee: BBC to back radical overhaul of how it is funded
Ukraine crisis: Top Chinese diplomat backs Putin and says West should 'abandon zero-sum mentality'
iJobs Money & Business
£15000 - £18000 per annum: Recruitment Genius: This is a great opportunity for...
£50000 - £60000 per annum + Excellent Salary: Austen Lloyd: An outstanding new...
£20000 - £21000 per annum + uncapped commission: SThree: As a graduate you are...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...