dmg media (UK)

City & Finance

THE boss of the meal replacement firm backed by actor Idris Elba has said he would consider selling rather than listing it on the stock market in London. Chief executive James McMaster said Hertfordshire-based Huel was ‘open-minded’ about a partnership with a larger company if the outlook for initial public offerings (IPOs) does not improve. However, he added that the company is ‘very happy as we are now’ having received backing from investors including Elba and his wife Sabrina. ‘Let’s see what happens, and if we get different knocks on the door, and how hard they are,’ he told the Financial Times. A listing was on the cards before global markets were hit by higher interest rates. Huel has seen sales of its protein powder, drinks and dehydrated meals boom as health-focused consumers return to the office and have less time to cook. Sales soared 28pc to £184m over the year to the end of July. It also posted a £4.7m profit after booking a loss of £10.6m the previous year.