In June, Bidvest CEO Brian Joffe discussed the possibility of listing the company’s food service business on the London Stock Exchange while the market was “buoyant” and borrowing was “cheap” according to Business Daily. Management has decided, however, that the move will not be in the best interests of the company. While the listing would have given the company more international exposure and funding opportunities, the company has decided against the listing. The Food service business accounted for 55% of its revenue but only 35% of trading profit.
Heavy competition for food service in the UK was one reason Bidvest decided against the listing, even though the food market is rather large there. Bidvest is a diversified company that is involved in global services, trading and distribution. After a preliminary review with Barclay’s bank, Bidvest has decided to grow through organic expansion rather than attempting a listing in London.
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