£1bn food float back on

A WEEK after it cancelled its stock market float, Bakkavor has decided to press ahead with its listing in London.

Yesterday the ready-meals maker, which counts M& S, Tesco and Waitrose as customers and is Britain’s biggest supplier of hummus, put its £1bn IPO back on the table. It is understood that the group Uturned on its decision after discussions with investors.

The new terms will see the offer price slashed from 195p per share to 180p. The firm’s controversial Icelandic found- ers Agust and Lydur Gudmundsson and US hedge fund Baupost will retain a majority 75pc stake, with institutional investors also set to join the share register.

The Gudmundssons saw their reputations tarnished in the financial crisis when their investments failed.

Last week TV and mobile infrastructure firm Arqiva postponed plans for a £6bn London listing as it bemoaned market uncertainty. Earlier, business services provider TMF Group also ditched plans for an IPO.