A WATERCRESS farmer from Hampshire has enjoyed an estimated £40m payday after selling his business to a Portugese conglomerate.

The sale of Vitacress Salads, one of Britain's largest watercress producers, has made Malcolm Isaac a multimillionaire, although he disputes to what extent.

Founded 50 years ago as a "one-acre and one-man"

farm, Vitacress is today an international giant, employing 1,000 people, including 600 in the region, with sales of £81m.

Mr Isaac founded the business more than 50 years ago with a watercress farm in Alresford, but has now agreed to sell the company to Grupo RAR for around £50m.

Mr Isaac said: "I have mixed emotions. I started the company and ran it for 58 years.

"What I'm pleased about is that the company taking over is also a private company and is going to leave the management in place and let it carry on.

"It is difficult to let go, but then it always is. I've enjoyed it immensely. I've been involved in it for most of my life."

Andover-based Vitacress, in which Mr Isaac has an approximate 80 per cent stake, supplies retailers such as J Sainsbury and Marks & Spencer with various salads, and has farms stretching across Hampshire, Wiltshire and Dorset.

It also has operations in Portugal and a joint venture in Spain.

As well as watercress, the business now grows and supplies cos, rocket and spinach.

10:48am Thursday 3rd July 2008

Print

Email this