Bakkavor ready meals

Bakkavor has agreed the sale of its Belgian fresh prepared food business, Vaco, to Culinor Food Group for an undisclosed sum.

Vaco employs around 300 people and produces traditional Dutch and Italian dishes, stews, soups, sauces, dips and dressings to sell to customers in the Dutch, German and Belgian markets.

Culinor is a producer of fresh prepared ready meals for retail and food service operators across Belgium.

Agust Gudmundsson, CEO of Bakkavor Group, commented: “This sale marks further progress for the Group as we focus on our core strategic growth markets of the UK, US and Asia.”

Bakkavor increased revenues for the full year to 26 December 2015 3% to £1.67bn driven by a double-digit growth surge in its international business.

Its annual report revealed it spent £1.5m restructuring its operations in Belgium in 2015.

The Gudmundsson brothers, in partnership with US hedge fund The Baupost Group, regained control the UK ready meals giant in January by buying out Icelandic banking shareholders to hold 89% of the group.

Following the sale Bakkavor Iberica will be Bakkavor’s only business based in continental Europe.

The sale is expected to complete by early Autumn.