Foodex Meatex's new owners plan strategy for growth
Foodex Meatex is set to acquire new owners following a vote overwhelmingly in favour of selling the member-owned show to William Reed - publisher of Food Manufacture and its sister magazine The Grocer - earlier this week.
At the Foodex Meatex AGM on March 1 members agreed to the sale, which had been recommended by the Foodex board. They accepted arguments made that the sale represented the best opportunity for development and to provide a more secure future for this important UK food and drink processing equipment and services show. The deal is expected to be finalised on March 4.
Under the terms of the sale - for an undisclosed sum - existing members will benefit from the proceeds based upon their commitment to the show in the past, in terms of length of association and stand size taken. A special resolution to distribute the assets equally among all members was not passed.
Speaking following the vote, Foodex chairman Michael Harris said: "The decision by Foodex Meatex members to approve the sale of their show to William Reed is an example of pragmatism over emotion."
While expressing some sadness after 23 years of member ownership for the show, he added: "Clearly our members felt very comfortable that the Foodex Meatex exhibition will be well maintained and developed as part of the William Reed stable."
William Reed also owns the Food and Drink Expo and Convenience Retailing shows which will be co-located and run alongside Foodex Meatex from March 19 to 22, 2006 at the NEC in Birmingham. In a separate joint venture with Fresh RM Foodex Meatex is also staging an event at this year's IFE show at Excel in London March 13-16 called Foodex@IFE.
In a communication to the Foodex Meatex members, William Reed's group md Charles Reed said: "We are obviously delighted with the outcome and are very positive that, with your support, we will add value to this industry's premier event at the NEC in 2006."
He also announced plans to set up an industry forum - which would also include input from a number of key visitors - to "harness the members' market knowledge and experience" in developing the show and making it stronger and a more important event for visitors to attend in the future.
William Reed said it plans to use its extensive marketing and exhibitions expertise in promoting and attracting more exhibitors and visitors to Foodex Meatex.
