Leading independent retailer Farmfoods’ main shareholder Eric Herd has tightened his grip on the company with the acquisition of his brother Gordon’s 21.2% stake for £10.2m. Joint MD Eric, who founded the business in the 1980s, now has a 98.6% share, with the rest owned by William McCreadie, another director.
Farmfoods topped The Grocer Top 50 survey published last February. It is based in Blairlinn in Cumbernauld, Scotland, but has coverage down to London with its 295 stores and clocked up £350m in annual sales in 2003, up 40% on the previous year.
Alf Carr, director general of the British Frozen Food Federation, commented: “I can’t see any reason why the business will not continue to go forward. They know their customer base exactly and have a good balance between brands and own label.”