Associated British Foods (ABF) has increased its stake in UK-based ready-meals business Cook, with a minority shareholding in 2020 now raised. ABF’s acquisition of Hovis is part of its UK bakery sector expansion. The stake in Cook is over 25% but less than 50%.

Cook, founded in 1997, supplies frozen meals and puddings in Sittingbourne, Kent, without supermarket distribution. Revenue for the year ending March 2024 was £119.7m ($160.3m), up 13.2%, but operating profit fell 15.5% to £3.8m, with net profit down 47% to £1.9m.

CEO of Allied Milling & Baking, Sarah Arrowsmith, praised Cook’s success and partnership. Cook, owned by the Perry family, sells through independent retailers and online. ABF’s undisclosed investment strengthens the relationship between the two companies, with Cook’s diverse product range driving growth.

Read more at Yahoo Finance: ABF ups stake in UK-based ready-meals business Cook