Press reports suggest that major potato supplier Produce Investments, which owns Greenvale AP, Swancote Foods and The Jersey Royal Company, has lost one of its key contracts.
According to Food Manufacture, the unnamed customer plans to implement a ‘single supplier strategy’ and so Produce Investments will not be offered a new contract when its existing one expires next August, with product volume expected to be gradually phased over three years from that date.
A spokesman for Produce Investments said, “While naturally disappointed with the outcome of this decision, this is part of the ordinary course of business in the sector in which the company operates. The board will continue to work hard to drive new business and mitigate over time any negative impact this decision may have on the company’s operations.”
The news came just days before new Greenvale managing director Andy Clarkson, who has been promoted from customer operations director, was due to address the FPJ Live conference in Coventry. On his appointment, Mr Clarkson commented, “I am pleased to have the opportunity to continue the development of the Greenvale business. We have a great team internally and externally and I am very much looking forward to the opportunities and challenges that lie ahead.”
Last month Produce Investments accepted a £52.95 million takeover from Jersey-based investment company Bidco, which will delist the group from the stock market.