ABF has increased its stake in posh ready meal manufacturer Cook, five years after first investing in the brand, The Grocer can reveal.
The deal, completed on 8 October, has made ABF a major shareholder in Cook without giving it a controlling interest. ABF now owns more than a quarter of its shares, but less than half, according to filings at Companies House.
Nathan Hermann, the CEO of ABF’s grocery division, took up a position on Cook’s board the same day. He has joined Allied Milling & Baking CEO Sarah Arrowsmith, who took up directorship at Cook when ABF made its initial investment in 2020.
Cook co-founder Ed Perry emphasised the company remained in family hands, “along with a small group of co-founders and outside investors who are aligned with our values and our mission to use business as a force for good”.
“We were delighted when ABF joined that group in 2020, since when they have been consistently supportive of both the mission of the company and the long-term control of the Perry family. We are therefore pleased that they have further strengthened their minority stake,” he added.
The ABF directors have lent their expertise to Cook’s recent large-scale infrastructure plans, including the development of a new 150-person logistics centre at its Sittingbourne estate in Kent, due for completion in 2026.
The company’s latest manufacturing expansion, a pastry and pies kitchen that opened in autumn 2023, likewise benefitted thanks to ABF’s long experience in large building projects and health & safety practices.
Cook’s expansion has continued apace with sales up 13% to £120m in the year to 31 March 2024. The business has also, in the new financial year, taken on north of 200 employees, taking its total roster to around 2,000 staff. The B-Corp-certified company sells a range of frozen ready meals DTC online, and through dedicated stores and concession stands around the UK.
Arrowsmith said Cook was a “very impressive business”.
“It’s been a pleasure to have worked with the team there since our initial investment in 2020. I’m delighted that we’re strengthening our relationship with them, and I look forward to their continued success.”
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