Potato firm agrees to takeover by Promethean

Produce Investments, the fresh potato and daffodil bulb producer, has agreed to a £53 million takeover by Promethean Investments.

The group, which has key Scottish operations under its Greenvale banner, said the recommended cash takeover offer was from a Jersey company ultimately owned and controlled by funds managed by Promethean.

Angus Armstrong, chief executive of Produce Investments, which is quoted on Aim, said: “This transaction will allow Produce Investments to move to a more suitable private market environment for a company of its size, thereby eliminating the regulatory burden, constraints and costs of maintaining a public listing.”