On 1 September 2025, the United Kingdom’s Competition and Markets Authority commenced a Phase 1 investigation in respect of the recommended acquisition of Bakkavor Group plc (LON:BAKK) by Greencore Group plc (LON:GNC).
Greencore and Bakkavor are pleased to note the announcement by the CMA today that it has concluded in its Phase 1 decision that the Transaction does not give rise to competition concerns in the vast majority of areas reviewed.
Specifically, the CMA agreed with Greencore and Bakkavor that the Transaction does not raise any competition concerns in relation to approximately 99% of the revenues of the combined group. The CMA identified that there may be a realistic risk of a competition concern in relation to the supply of own label chilled sauces in the UK.
In relation to this area of concern, Greencore now has the opportunity to put forward remedies to address this concern in lieu of a more in-depth Phase 2 investigation. Greencore and Bakkavor will continue to work constructively with the CMA to bring these matters to a conclusion, in line with our expectations and original guidance of completion of the Transaction in early 2026.
Dalton Philips, CEO of Greencore:
“The CMA process has been constructive and the Phase 1 decision is a welcome one, confirming our view of the highly complementary nature of our businesses and product portfolios across “food for now” and “food for later”. I am really grateful to my colleagues at Greencore and Bakkavor in successfully getting us to this point and we are now working with the CMA and Bakkavor for the benefit of all our stakeholders to complete the Bakkavor transaction early next year. I’m genuinely excited about what 2026 has in store as we bring these two great businesses together to create a true UK national food champion to deliver high-quality, innovative food to customers and consumers”
Mike Edwards, CEO of Bakkavor:
“Today’s positive news from the CMA is a significant step forward in the process, providing welcome clarity which means we can collectively work at pace and stay on track to complete the transaction in early 2026. Bakkavor is in great shape and we remain excited about joining the Greencore business and unlocking all the associated benefits we have highlighted for colleagues, customers and shareholders. I would like to thank everyone in Bakkavor and Greencore who has worked so hard in getting us to this advanced stage in the process.”
A further announcement will be made in due course.
Capitalised words and expressions in this announcement shall, unless the context provides otherwise, have the same meanings as in the Scheme Document and the Reverse Takeover Circular, both dated 12 June 2025.
