IAWS ups stake in Swiss food firm

FOOD group IAWS has splashed out €37 million to bump up its stake in a Swiss gourmet bakery company.

The company told the stock exchange last night it had bought a further 10.6% stake in Hiestand Holdings, bringing its total shareholding to 32%.

Chief executive Owen Killian said: “Hiestand has proved to be an excellent investment for IAWS and the continued strong performance of the company has encouraged us to raise our shareholding.”