Group 1 - Bakkavor Group has reached a binding agreement to sell its China business for approximately 487 million RMB (around 50 million GBP) [1][3] - The sale involves the entire issued share capital of Bakkavor China Holdings Limited, which will be acquired by Lihexing (Qingdao) Food Technology Co., Ltd., a wholly-owned subsidiary of Lihe Food Industry [3] - Bakkavor's China division produces fresh prepared foods for food service and retail customers, operating in seven locations nationwide and employing around 2,300 staff, with projected revenue of 105 million GBP in 2024 [3] Group 2 - The sale is expected to be completed in the second half of 2025, marking the group's exit from the regional market after significant progress in streamlining its operations in China over the past two years [3] - Bakkavor's CEO Mike Edwards expressed gratitude for the contributions of Chinese colleagues and emphasized the benefits of local expertise from Lihe as a frozen and fresh food manufacturer [5] - Earlier this month, convenience food manufacturer Greencore announced plans to acquire Bakkavor for 1.2 billion GBP, aiming to create a UK food business with total revenues of 4 billion GBP [5]