Hilton Food Group (HFG)

Sector:

Food

Index:

FTSE 250

851.00p
   
  • Change Today:
    -1.00p
  • 52 Week High: 853.00
  • 52 Week Low: 623.00
  • Currency: UK Pounds
  • Shares Issued: 89.60m
  • Volume: 17,733
  • Market Cap: £762.52m
  • RiskGrade: 184

Hilton Food Group buys foodservice meat supplier Fairfax

By Josh White

Date: Friday 29 Oct 2021

LONDON (ShareCast) - (Sharecast News) - Hilton Food Group has acquired UK foodservice meat supplier Fairfax Meadow Europe from Argent Holdings, it announced on Friday, for £23.8m.
The FTSE 250 company said Fairfax Meadow was established more than 40 years ago, and supplies some of the largest businesses in the UK hospitality and travel sectors.

It said the business operates from four meat processing and packing facilities in Derby, Milton Keynes, North London and Southampton, and was now recovering "strongly" following the impact of Covid-19, as the UK hospitality and travel sectors fully reopened.

The board said the acquisition of Fairfax Meadow would improve Hilton's access to the out-of-home channel, harnessing existing partnerships and contributing to further sustainable growth for the business.

It said the company's development into the foodservice sector would ensure that Hilton was the "protein partner of choice" for customers across more mealtimes and meal occasions.

Hilton said it paid cash consideration of £23.8m, taking into account adjustments for net debt and normalised working capital.

The acquisition was funded from the group's debt facilities.

Hilton said the acquired business generated an EBITDA loss of £2.3m in the year ended 31st December 2020, after adjusting for exceptional items and reflecting the significant impact of Covid-19, and an EBITDA profit of £4.4m in the year ended 31 December 2019.

The combined value of its gross assets was £20.1m as at the end of 2020, based on audited statutory accounts prepared under UK GAAP.

Hilton said the acquisition constituted a class 2 transaction under the UK Listing Rules.

"I am very pleased to announce the acquisition of Fairfax Meadow, the leading meat supplier to the UK foodservice sector," said chief executive officer Philip Heffer.

"This transaction is all about growth - Fairfax Meadow represents a great opportunity for Hilton to expand into an adjacent and growing foodservice sector in the UK.

"It is another step towards our goal of becoming the protein partner of choice for every meal occasion - offering high quality, affordable, and rigorously sourced proteins for customers and consumers here in the UK and across the world."

At 0830 BST, shares in Hilton Food Group were up 0.61% at 1,165.05p.

Email this article to a friend

or share it with one of these popular networks:


Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

HFG Market Data

Currency UK Pounds
Share Price 851.00p
Change Today -1.00p
% Change -0.12 %
52 Week High 853.00
52 Week Low 623.00
Volume 17,733
Shares Issued 89.60m
Market Cap £762.52m
RiskGrade 184

HFG Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value Not Available
Price Trend
45.49% above the market average45.49% above the market average45.49% above the market average45.49% above the market average45.49% above the market average
3.70% above the sector average3.70% above the sector average3.70% above the sector average3.70% above the sector average3.70% above the sector average
Income Not Available
Growth Not Available

What The Brokers Say

Strong Buy 3
Buy 2
Neutral 1
Sell 1
Strong Sell 0
Total 7
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

HFG Dividends

  Latest Previous
  Interim Final
Ex-Div 02-Nov-23 01-Jun-23
Paid 01-Dec-23 30-Jun-23
Amount 9.00p 22.60p

Trades for 28-Mar-2024

Time Volume / Share Price
14:12 47 @ 851.00p
14:12 54 @ 851.00p
14:00 1 @ 850.02p
13:55 1,125 @ 851.82p
13:43 31 @ 853.00p

HFG Key Personnel

CFO Matt Osborne

Top of Page