2,300 Jobs and £105M Revenue on the Table
The Chinese operation, spanning seven manufacturing sites and employing 2,300 staff, generated £105 million ($141 million) in revenue during the 2024 financial year — a significant chunk of business, now being offloaded as Bakkavor prepares to shore up its £194 million debt burden.
“We’re confident that Lihoo’s local prowess in frozen and fresh meals will be a win for all stakeholders involved,” said Bakkavor CEO Mike Edwards, who emphasized the buyer’s regional expertise in navigating China’s fast-paced food industry.
Greencore Takeover Looms: “Put Up or Shut Up”
The timing of Bakkavor’s China exodus adds a new layer of intrigue to its corporate saga: the company is currently being courted by rival food manufacturer Greencore Group PLC, which floated a £1.2 billion buyout bid in April.
Under the UK’s “put up or shut up” rules, Greencore has until May 9 to make a formal offer or walk away. That deadline now carries added weight, with Bakkavor emerging leaner, more focused, and financially stronger after trimming its international commitments.
