Associated British Foods (ABF) has increased its holding in UK-based ready-meals business Cook.
Cook confirmed via a statement that ABF took a minority stake in Cook in 2020 and has now raised that shareholding, although the London-listed company still remains a minority investor.
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ABF, which is looking to expand in the UK bakery sector with the acquisition of Hovis, also acknowledged the transaction in a brief statement to Just Food today (15 October) but the size of the interest has not been disclosed.
However, a filing with Companies House in London said the stake was more than 25% but less than 50%.
The Hovis deal was carried out through ABF’s Allied Bakeries division, the owner of the Kingsmill and Sunblest bread brands.
Sarah Arrowsmith, the CEO of Allied Milling & Baking and who is also a board director at Cook, said: “Cook is a very impressive business and it’s been a pleasure to have worked with the team there since our initial investment in 2020.
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By GlobalData“I’m delighted that we’re strengthening our relationship with them, and I look forward to their continued success.”
Cook was set up in 1997 by Edward Perry and Dale Penfold. Based in Sittingbourne, Kent, it supplies a range of frozen ready meals and puddings produced in its three kitchens.
It sells into independent retailers and online and also offers a delivery service. Cook also operates more than 100 shops.
A spokesperson for Cook confirmed the products are not available in supermarkets. Outside of British meals, the range includes Indian, Thai and Mediterranean foods, along with free-from, vegan and vegetarian options.
In the year to 31 March 2024, Cook generated a turnover of £119.7m ($160.3m), an increase of 13.2% from the previous 12 months.
However, the accounts filed with Companies House showed operating profit fell 15.5% to £3.8m, while net profit slid 47% to £1.9m.
Cook said in the statement confirming the ABF transaction: “Since inception, Cook has always been controlled by the Perry family, 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 then 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.”
