My Food Bag founders prepare business to list on NZX

Tuesday, 10 April 2018

My Food Bag co-founders' decision to step down from the day-to-day running of the business is a move towards taking the company public.

Husband-and-wife duo James and Cecilia Robinson announced on Monday they were leaving their positions as co-chief executives to focus on governance roles.

Robinson said the decision to list My Food Bag on the NZX was part of a three-year plan made in 2016, following an investment from Auckland-based Waterman Capital.

While Robinson would not give a timeframe on when the company would list, it is understood it will be before the end of next year.

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On Monday, My Food Bag founders Cecilia and James Robinson announced they would step down from their positions as co-chief executives.

'It's all give and take with the markets, so it just depends on the conditions really, but, look, nothing's changed inside the business …we are still on that same timeline.'

Robinson was unsure how the market would respond to the listing, as it was 'just speculation at this stage'.

However, New Zealanders had an 'emotional connection' with the business and the brand, she said.

'So for that reason, I think it is a really appealing business overall.'

First Retail Group managing director Chris Wilkinson said listing the company was a 'very logical move'.

'[It] will have wide appeal for both individual, corporate and institutional investors, because the brand and proposition is well-known and accepted as a New Zealand success story.'

The Robinsons founded the company with Masterchef winner Nadia Lim, her husband Carlos Bagrie, and Theresa Gattung in 2012. It delivered its first meal in 2013.

My Food Bag was the brainchild of Cecilia Robinson. The business plan was completed only hours before she went into labour and gave birth to the couple's son.

My Food Bag would continue to focus on its New Zealand customers, and there were no plans to branch into Australia or any other overseas markets, Robinson said.

'Our focus is just on this market and I think it's really funny because people really underestimate the power of the market such as New Zealand … [but] we are really dedicated to Kiwis.'