Greencore chief exec takes a big bite

Weakness in the share price of Irish sandwich maker Greencore tempted chief executive Patrick Coveney to quadruple his stake in the group.

He bought 302,500 shares at just under €0.82 a time (73p), paying a total of about €250,000 and now has 404,500.

Shares in the firm have taken a big dive since Coveney last bought in in the middle of 2008. In July he took 32,000 shares at €1.51 each, having paid an eye-watering €3.09 each for 40,000 in May.

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The firm, which says its sandwich manufacturing facility in Manton Wood, Nottinghamshire is 'the world's largest and most sophisticated', has been caught between high ingredients prices and weak economic conditions.

Last month Greencore, which also owns the Weight Watchers convenience food brand, said its performance is in line with the same time the previous year. However, it warned of continuing difficult conditions.

"Conditions in the UK convenience foods market are as tough as we have seen with consumers under pressure which has translated into weakened demand for some of the group's convenience food offerings, particularly in food-to-go," the firm said.

Coveney joined Greencore's board as chief financial officer in 2005, becoming chief executive in April last year.

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