Geest plc, the leading fresh prepared foods and produce company, announced today the sale of its shares in Enzafruit Worldwide Ltd (Worldwide Fruit) to one of the other joint venture partners, Northcourt.
Worldwide Fruit (owned by Geest plc and Enza Ltd in New Zealand) was formed in October 1999 to market fruit and other imported produce. Subsequently, in October 2000, the UK apple growers, Northcourt Group, entered the venture reducing Geest's interest to 40 per cent.
Worldwide Fruit will now be managed by two seasonally complementary grower organisations. The net assets sold are valued at £0.7million, resulting in a book profit.
Northcourt Group issued a statement following Geest's announcement.
It read: “Northcourt Group has bought an increased stake in Worldwide Fruit by buying the shares in the company owned by Geest plc. Worldwide Fruit will now be owned jointly by Turners and Growers New Zealand (Enza) and Northcourt. This gives English growers, represented by Northcourt Group, a much larger stake in their marketing company.”
Jane Scriven, a Geest plc board member, will stand down as chair of WWF. She welcomed the purchase. “Although Geest will no longer be a shareholder, the two companies will still be working together on a number of projects.”
Michael Dossor, ceo of Turner and Growers, said: “This reaffirms the original purpose of Worldwide Fruit in bringing UK and New Zealand growers together into a team to give twelve months a year service to the customers.”
By mutual consent WWF ceo Alasdair Robertson will be leaving the company at the end of the year. A new ceo will be appointed and Robert Balicki will be acting chair in the interim period, until the new board meets.
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