Brakes eyes up stock market flotation

Brakes Catering Equipment’s parent company, the Brakes Group, is looking at a stock market listing in London that could see it valued at up to £2.5bn, according to Sky News.

The foodservice major is currently owned by Bain Capital, which bought the group in 2007. Employing more than 10,000 people, the company operates in Ireland, France and Sweden, as well as the UK. The group is run by Ken McMeikan, who previously helmed Greggs, the bakery chain.

Sky News believes the firm will have to recruit a new chairman before it goes public, however, since the incumbent is Philip Jansen, who now runs another flotation candidate, the payments company Worldpay.

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Results for 2014 disclosed that Brakes’ earnings before interest, tax, depreciation and amortisation rose 7% to just over £150m on turnover of £3.1bn.

Sky News suggested that a buyer could emerge instead for Brakes, with trade players and other financial sponsors expected to examine possible offers.

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