ABF ups stake in UK-based ready-meals business Cook

Core Insights - Associated British Foods (ABF) has increased its minority stake in UK-based ready-meals business Cook, which it initially invested in 2020 [1][2] - The exact size of the increased stake has not been disclosed, but a filing indicates it is more than 25% but less than 50% [2] - Cook reported a turnover of £119.7 million ($160.3 million) for the year ending March 31, 2024, reflecting a 13.2% increase year-over-year, despite a decline in operating profit by 15.5% to £3.8 million and a net profit drop of 47% to £1.9 million [4] Company Overview - Cook was established in 1997 and is based in Sittingbourne, Kent, specializing in frozen ready meals and puddings produced in three kitchens [3] - The company sells its products through independent retailers, online, and operates over 100 shops, with a product range that includes Indian, Thai, Mediterranean, and free-from options [3][4] - Cook has maintained control by the Perry family and a small group of co-founders and outside investors aligned with its mission [5][6] Strategic Moves - ABF is also expanding in the UK bakery sector through the acquisition of Hovis, which is part of its Allied Bakeries division [2] - Sarah Arrowsmith, CEO of Allied Milling & Baking and board director at Cook, expressed satisfaction with the strengthened relationship and ongoing support for Cook's mission [2][3]