Activist investor Oasis takes stake in Greencore

By Gwen Ridler

- Last updated on GMT

Oasis now holds a stake in Greencare. Image: Getty, PM Images
Oasis now holds a stake in Greencare. Image: Getty, PM Images

Related tags Finance

Activist investor Oasis Management Co has taken a stake in convenience foods manufacturer Greencore.

The Hong-Kong-based group now owns just under 5% in the Dublin-based sandwich maker, putting it within the top 10 shareholders of the company, reported the Financial Times.​ However, it remains below the mandatory disclosure threshold.

According to the FT, the investor has been unsatisfied with Oasis not paying dividends since 2020 despite having lower debt level compared to rivals such as competitors Premier Foods PLC and Bakkavor Group PLC.

Financial results

News of Oasis taking a stake in Greencore followed the publication of the convenience food manufacturer’s financial results for the first quarter of 2023/24.

Greencore posted a 4.7% decline in group revenue year-on-year, driven by a 14.2% drop in its other convenience category. Despite the decline in revenue, Greencore chief executive Dalton Philips said he was “extremely encouraged​” ​by the start to FY24.

In November, Greencore reported pre-tax profit of £45.2m in the financial year that ended September 29, up 14% from £39.8m in the year prior. Revenue climbed 10% to £1.91bn from £1.74bn.

While it did not declare a dividend, it noted that it had returned £30.1m to shareholders in the recent financial year by means of share buybacks. Greencore completed a £15m share buyback programme in February that had started in October last year.

Investment activity

Oasis’s move to take a stake in Greencore followed a major investment last year for the group, which saw its become the largest shareholder in Restaurant Group, before the Wagamama-owner agreed a £506m sale to private equity firm Apollo Global Management.

Meanwhile, last month saw The Compleat Food Group acquire SK Foods and Zorba Food from The Entrepreneurial Food Group​ for an undisclosed sum.

Compleat’s acquisition of the two companies will bump its own turnover to more than £900m and bring its total headcount to close to 5,000 employees.

Related topics Chilled foods Operations

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