Bickford’s lifts Maggie Beer Holdings stake to 19.99% as turnaround bid gathers pace
Historic beverage house Bickford’s has taken a bigger seat at the table of ASX-listed Maggie Beer Holdings (MBH), building its position to 19.99% after a fresh $2.7 million on-market buy last week—just shy of the 20% threshold that would trigger a formal takeover process.
The Kotses family–led company is now MBH’s largest single shareholder, positioning the South Australian drinks-to-hospitality group to push for influence as the gourmet food maker works to arrest years of heavy losses.
Bickford’s Group head of sales, marketing and hospitality Chris Illman said the investor now wants representation on MBH’s board to support a sharper strategy and operational reset. “Our interest in Maggie Beer Holdings stems from the belief that the company’s intrinsic value is not fully reflected in its current market capitalisation,” he said.
“With significant FMCG (fast-moving consumer goods) experience, Bickford’s is well positioned to assist the board in refining strategic priorities, optimising brand performance, and realising the full potential of the business for shareholders.
“Bickford’s is looking to bring its proven FMCG capability, disciplined commercial approach, and deep experience in brand and product development to Maggie Beer Holdings. We believe our practical industry knowledge can help sharpen decision-making, drive efficiency, and accelerate growth.”
Illman added that the near-term focus is operational: “innovating in growth categories, disciplined cost management and supply chain optimisation,” while noting that “at this stage” a full takeover is not on the cards.
Founded in 1874 with its namesake cordial, Bickford’s has broadened through sister company Vok Beverages, adding Beresford Estate wines in McLaren Vale, 23rd Street Distillery and Vale Brewing—assets that underline its credentials in premium drinks and brand building.
MBH, inspired by South Australian food icon Maggie Beer, has struggled to translate strong brand recognition into consistent sales momentum across jams, chutneys, condiments and other gourmet lines. Diversification into dairy through Paris Creek Farms proved costly: the business, acquired in 2017 for $34 million, was sold earlier this year for $500,000 to Katoomba Global Foods. For the year to June, MBH reported a $24.3 million loss, narrowing from a $28.2 million loss the year prior, with restructuring, asset sales and cost-out initiatives underway.
Shares in MBH were up 7.6% on Thursday at 7.0 cents, though the stock remains down about 90% since 2022. Maggie Beer no longer oversees day-to-day operations but remains a director and shareholder.
Chairman Mark Lindh said the board is open to collaboration with Bickford’s leadership. “We see it as a very exciting development that Angelo has taken a substantial stake in the company,” he said. “He and his team have significant experience in growing FMCG and premium food and beverage businesses and we are hopeful we can draw on these skills to continue to grow the Maggie Beer Holdings Limited group.”
Jonathan Jackson, 16th October 2025
