12 January 1999
Fyffes’ £400m war chest

FRUIT and vegetable importer Fyffes has a £400 million to spend on purchasing smaller rivals across Europe.

The company, which distributes one in five bananas sold in the UK, said it intends to command similar market shares in potatoes and other fruit.

Fyffes recently agreed to pay £51m for 50% of rival Capespan International and a 10% stake in its parent company, which markets the Cape and Outspan labels.

The group reported a 15% rise in pre-tax profits to Euro78.9m (£55.7m) for the year to 31 October, 1997.

The group wants other distributors and suppliers to sell produce through its joint venture with Capespan.