HIGHLAND FINE CHEESES LIMITED
💤Zombieactive
SC044504 · ltd · incorporated 1967-04-05
Investment thesis
Zombie company — trading but stalled; unlikely mover.
Why interesting: Quiet, steady; could be a succession or carve-out candidate with the right conversation.
Why risky: No growth signal; thin margin for error on price.
🔒Estimated value
—
Upgrade to see
Turnover
—
year to May 2025
Net worth
—
book net assets
Opportunity
77/100
Strong
What this business does
Primary activity: SIC 10512
Sector: Manufacturing
Investor take
PursueActive trading company with a 62-year-old founder — textbook succession opportunity.
Opportunity 77/100 (strong), bankability 67/100. Strong seller-intent signal (80/100, director aged 62). Share purchase looks the cleaner deal structure. Biggest value-creation lever: Consolidate lender relationships. 6 distinct lenders creates friction — refinance into single-lender structure for cleaner diligence. Most likely exit: share sale to pe / searcher (73/100).
🏦
Refinance opportunity
7 live charges · 6 lenders · oldest 57.1y
15/100
under pressure
Refinance would be pressure-driven, not opportunity-driven. Expect tighter margins and covenant scrutiny.
- · Oldest live charge is 57.1 years old — likely at or near maturity.
- · 6 lenders named — inter-creditor friction likely.
- · Distress signals active — lender appetite narrows.
Data confidence
Overall: high (80/100)Strong data coverage across all sections. AI outputs should be trusted with minimal caveats.
Company profile
address, 1 SIC codes, incorporation date
100
Financials
2 years of iXBRL accounts extracted (YoY deltas available) + narrative notes parsed
75
Lenders & charges
7 charges (7/7 with lender, 7/7 with type)
90
Directors & officers
11 officers (2 active, 11 linked, 8 with DOB)
85
Ownership & PSC
1 active PSC(s) of 3 total, 3 with control declared
90
Director network
2 connected companies via shared directors
51
Filing history
124 filings on record
85
Gazette notices
No matching gazette notices (standard for active companies)
60
Opportunity Score
77/100Strong
PassWatchWorth a lookStrongExceptional
Solid opportunity signal. Worth a dedicated memo and management meeting.
Business quality
70
Active, clean filings, stable charge profile.
Acquirability
80
Strong succession / seller-readiness signals.
Risk profile
69
Some moderate concerns — review flags.
Signal strength
100
Good data coverage for analysis.
Key financials
2 years extracted from filed iXBRL accountsCash
—
Net Worth
—
Current Assets
—
Current Liabilities
—
Hover to see exact values · click legend to toggle series
Financials
Extracted from Companies House accounts · FRS 102| Metric | 2025-05-31 | 2024-05-31 |
|---|---|---|
| Average employees | 2000 | 1800 |
Amounts extracted automatically from iXBRL. Fields left blank were not reported or not mapped. Values in GBP unless stated.
🔒Filing-note intelligence
1 signal detected in this company's narrative notes — going-concern language, audit opinion, contingent liabilities, related-party transactions.
Available from the Pro tier upwards.
See pricing →Recent activity
Last 30 days
0
filings
Last 90 days
1
filing
- • 1 accounts
Last 180 days
2
filings
- • 1 accounts
- • 1 confirmation-statement
Counts from Companies House filing history.
Corporate timeline (51 events)Click to expand
- 2026-02-25📄accounts-with-accounts-type-total-exemption-fullaccounts · AA
- 2025-09-30📄mortgage-create-with-deed-with-charge-number-charge-creation-datemortgage · MR01
- 2025-09-25📄cessation-of-a-person-with-significant-controlpersons-with-significant-control · PSC07
- 2025-09-24🔒Charge registered #7Lender: Treeman Rockafella Limited (Registered No. SC619417)
- 2025-09-16📄mortgage-satisfy-charge-fullmortgage · MR04
- 2025-09-16📄mortgage-satisfy-charge-fullmortgage · MR04
- 2025-09-16🔓Charge satisfied #6
- 2025-09-16🔓Charge satisfied #5
- 2025-08-29➖DICKSON, Alastair Ronald resigneddirector
- 2025-08-29📄termination-director-company-with-name-termination-dateofficers · TM01
- 2025-06-17📄termination-director-company-with-name-termination-dateofficers · TM01
- 2025-06-10📄appoint-person-director-company-with-name-dateofficers · AP01
- 2025-04-28➕DICKSON, Alastair Ronald appointeddirector
- 2025-04-28➖MACGEACHY, Robert William Henderson resigneddirector
- 2025-02-27📄accounts-with-accounts-type-total-exemption-fullaccounts · AA
- 2024-02-28📄accounts-with-accounts-type-total-exemption-fullaccounts · AA
- 2023-03-01📄change-person-director-company-with-change-dateofficers · CH01
- 2023-03-01📄resolutionresolution · RESOLUTIONS
- 2023-02-27📄accounts-with-accounts-type-total-exemption-fullaccounts · AA
- 2023-02-14📄change-to-a-person-with-significant-controlpersons-with-significant-control · PSC04
- 2023-02-14📄notification-of-a-person-with-significant-controlpersons-with-significant-control · PSC02
- 2023-02-14📄memorandum-articlesincorporation · MA
- 2023-02-13📄capital-allotment-sharescapital · SH01
- 2023-02-13📄cessation-of-a-person-with-significant-controlpersons-with-significant-control · PSC07
- 2023-02-13📄appoint-person-director-company-with-name-dateofficers · AP01
- 2023-02-11📄mortgage-create-with-deed-with-charge-number-charge-creation-datemortgage · MR01
- 2023-02-10➕MACGEACHY, Robert William Henderson appointeddirector
- 2023-02-09🔒Charge registered #6Lender: Hsbc UK Bank PLC
- 2023-01-31📄mortgage-satisfy-charge-fullmortgage · MR04
- 2023-01-31📄mortgage-satisfy-charge-fullmortgage · MR04
- 2023-01-31🔓Charge satisfied #4
- 2023-01-31🔓Charge satisfied #3
- 2022-09-20🔒Charge registered #5Lender: Hsbc UK Bank PLC
- 2021-12-06➕FARQUHAR, Ruth appointedsecretary
- 2021-12-06➖SHAW, Neil resignedsecretary
- 2019-09-13➖BAKER, Andrew Stanley resigneddirector
- 2015-09-12➖STONE, Susannah Gladys Hume resigneddirector
- 2014-08-08➕BAKER, Andrew Stanley appointeddirector
- 2009-07-17🔒Charge registered #4Lender: Bank of Scotland PLC
- 2009-07-17🔓Charge satisfied #1
- 2009-04-23🔓Charge satisfied #2
- 2007-11-19➕SHAW, Neil appointedsecretary
- 2007-11-19➖STONE, Ruariadh Guy Vernon Munro resignedsecretary
- 1999-07-26🔒Charge registered #3Lender: The Governor and Company of the Bank of Scotland
- 1994-10-31🔒Charge registered #2Lender: Ross & Cromarty Enterprise Limited
- 1994-09-30➖MUNRO-FERGUSON, Arthur Brocklehurst Luttrell resigneddirector
- 1994-09-30➖REYNOLDS, Jane Euphemia Beatrice resigneddirector
- 1994-09-30➖STONE, James Hume Walter resigneddirector
- 1994-04-18➕STONE, Ruariadh Guy Vernon Munro appointeddirector
- 1969-03-03🔒Charge registered #1Lender: The Highlands and Islands Development Board
Showing most recent 50 of 51 events
Owner dependency
93/100
Critical — business is the founderThe business appears inseparable from the founder. Acquisition without a serious earn-out or meaningful transition period would likely destroy value.
FACTORS
- +Sole director: Only one active director — all governance concentrated on one person.
- +Long-tenure founder: Senior director has been in place 32 years — deep operational knowledge concentrated in one person.
- +Senior director age: Director aged approximately 62 — approaching natural succession window.
Succession & seller-readiness
85/100
Likely off-market candidateStrong acquirability signals converging. Worth approaching directly — this is how off-market deals start.
SIGNALS
- secondaryFounder aged 58+: Senior director is approximately 62. Early succession window.
- primarySole active director: Only one director in control. No visible successor — buyers solve the succession problem.
- primary20+ year tenure: Director in role 32 years. Very long tenure is a classic succession signal.
- secondaryStable-but-static management: Company is 59 years old and no new directors in the last 3 years — succession not yet being planned internally.
- supportingClean filings + long tenure: Disciplined long-tenure operator — classic lifestyle-business pattern that often sells quietly.
Red flags
2 med ·2 director resignations in last 12 months
mediumMultiple recent departures can indicate governance disagreement, succession event, or preparation for sale/stress.
Evidence: DICKSON, Alastair Ronald resigned 2025-08-29; MACGEACHY, Robert William Henderson resigned 2025-04-28
Charge satisfaction-then-recreation pattern
mediumMultiple instances where a charge was satisfied and a new charge created within 6 months. Suggests active refinancing cycle.
Shareholders & ownership
1 active beneficial owner| Name | Shares | Voting rights | Nature of control | Notified |
|---|---|---|---|---|
Ruariadh Guy Vernon Munro Stone Individual · British · DOB 01/1964 · age 62 | 25–50% | 25–50% | board control25-50% shares · 25-50% voting · board control | 06/04/2016 |
2 historic (ceased) PSCs
- Treeman Rockafella Limitedceased 24/09/2025· 25-50% shares · 25-50% voting · board control
- Ruariadh Guy Vernon Munro Stoneceased 10/02/2023· 75-100% shares · 75-100% voting
From Companies House Persons with Significant Control filings. Share ranges are banded per the public PSC regime.
🔒Co-director network graph
Radial SVG graph showing every company connected via shared directors, colour-coded by status.
Available from the Pro tier upwards.
See pricing →Similar companies
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|---|---|---|---|---|---|---|---|
| BOCSA WATER SKYE LTD→ SC799958 · est 2024 · no financials extracted | — | — | — | — | 2y | — | — |
| C J MIDDLETON LIMITED→ SC212646 · est 2000 · no financials extracted | — | — | — | — | 25y | — | — |
| CHASSIS INC LIMITED→ SC844493 · est 2025 · no financials extracted | — | — | — | — | 1y | — | — |
| CJS COMFORT JARS LTD→ SC829996 · est 2024 · no financials extracted | — | — | — | — | 1y | — | — |
| CLOOTIENESS LTD→ SC808454 · est 2024 · no financials extracted | — | — | — | — | 1y | — | — |
| DOG FALLS BREWING CO. LTD→ SC599919 · est 2018 · no financials extracted | — | — | — | — | 7y | — | — |
| DUNPHAIL DISTILLERY LTD→ SC712327 · est 2021 · no financials extracted | — | — | — | — | 4y | — | — |
| HIGHLAND CHARCUTERIE AND SMOKE HOUSE LTD.→ SC467441 · est 2014 · no financials extracted | — | — | — | — | 12y | — | — |
| HIGHLAND CIDER LIMITED→ SC486663 · est 2014 · no financials extracted | — | — | — | — | 11y | — | — |
| HIGHLAND LIQUOR COMPANY LTD→ SC589177 · est 2018 · no financials extracted | — | — | — | — | 8y | — | — |
| HIGHLAND PATISSIER LTD→ SC764814 · est 2023 · no financials extracted | — | — | — | — | 3y | — | — |
| HIGHLAND VITALITY LTD→ SC856985 · est 2025 · no financials extracted | — | — | — | — | — | — | — |
Peers ranked by estimated value, then turnover, then opportunity score.See all →
🔒Tailored diligence questions
7 specific questions generated from this company's actual signals — liquidity, leverage, director age, charge count, red flags, age-of-company.
Available from the Pro tier upwards.
See pricing →🔒Advanced scoring suite
Exit-route ranking, improvement thesis, quiet-distress detector, covenant-pressure proxy, extraction monitor, approaching triggers, ownership drift, local cluster, value trap, debt capacity, archetype classification — 48+ scoring modules.
Available from the Pro tier upwards.
See pricing →Company details
Statusactive
Typeltd
Incorporated1967-04-05
Jurisdictionscotland
Primary SIC10512 — SIC 10512
Registered office
Highland Fine Cheeses Blarliath Farm
Shore Road
Tain
Ross-Shire
IV19 1EB
United Kingdom
Filing status
Accounts
Next due: 2027-02-28
Last made up to: 2025-05-31
Confirmation statement
Next due: 2026-12-17
Last: 2025-12-03
Officers (2 active · 9 resigned)
Active
STONE, Ruariadh Guy Vernon Munro→
Activedirector · ~62y · appointed 1994-04-18
View their other companies + combined net worth →
SHAW, Neil→
Resignedsecretary · appointed 2007-11-19 · resigned 2021-12-06
STONE, Ruariadh Guy Vernon Munro→
Resignedsecretary · resigned 2007-11-19
BAKER, Andrew Stanley→
Resigneddirector · ~67y · appointed 2014-08-08 · resigned 2019-09-13
DICKSON, Alastair Ronald→
Resigneddirector · ~75y · appointed 2025-04-28 · resigned 2025-08-29
MACGEACHY, Robert William Henderson→
Resigneddirector · ~62y · appointed 2023-02-10 · resigned 2025-04-28
MUNRO-FERGUSON, Arthur Brocklehurst Luttrell→
Resigneddirector · ~105y · resigned 1994-09-30
REYNOLDS, Jane Euphemia Beatrice→
Resigneddirector · ~95y · resigned 1994-09-30
STONE, James Hume Walter→
Resigneddirector · ~72y · resigned 1994-09-30
STONE, Susannah Gladys Hume→
Resigneddirector · ~102y · resigned 2015-09-12
Click a director name to see their full track record across all companies.
Mortgages & charges
7
Total charges
1
Outstanding
1
Active lenders
Status:Lender:7 of 7 shown
| Type | Properties | |||||
|---|---|---|---|---|---|---|
| outstanding | Treeman Rockafella (Registered No. SC619417) Treeman Rockafella Limited (Registered No. SC619417) | A registered charge | 1 property | 24/09/2025 | — | |
| satisfied | HSBC Hsbc UK Bank PLC | A registered charge | 1 property | 09/02/2023 | 16/09/2025 | |
| satisfied | HSBC Hsbc UK Bank PLC | A registered charge | 1 property | 20/09/2022 | 16/09/2025 | |
| satisfied | Lloyds Banking Group Bank of Scotland PLC | Standard security | 1 property | 17/07/2009 | 31/01/2023 | |
| satisfied | Lloyds Banking Group The Governor and Company of the Bank of Scotland | Bond & floating charge | 1 property | 26/07/1999 | 31/01/2023 | |
| satisfied | Ross & Cromarty Enterprise Ross & Cromarty Enterprise Limited | Standard security | 1 property | 31/10/1994 | 23/04/2009 | |
| satisfied | The Highlands and Islands Development Board | Disposition & minute of agreement | 1 property | 03/03/1969 | 17/07/2009 |
Click column headers to sort. Use filters above to narrow by status and lender.
Recent filings (124 total)
accounts-with-accounts-type-total-exemption-full
accounts · AA
2026-02-25
confirmation-statement-with-updates
confirmation-statement · CS01
2025-12-16
mortgage-create-with-deed-with-charge-number-charge-creation-date
mortgage · MR01
2025-09-30
cessation-of-a-person-with-significant-control
persons-with-significant-control · PSC07
2025-09-25
mortgage-satisfy-charge-full
mortgage · MR04
2025-09-16
mortgage-satisfy-charge-full
mortgage · MR04
2025-09-16
termination-director-company-with-name-termination-date
officers · TM01
2025-08-29
termination-director-company-with-name-termination-date
officers · TM01
2025-06-17
appoint-person-director-company-with-name-date
officers · AP01
2025-06-10
accounts-with-accounts-type-total-exemption-full
accounts · AA
2025-02-27
confirmation-statement-with-no-updates
confirmation-statement · CS01
2024-12-15
accounts-with-accounts-type-total-exemption-full
accounts · AA
2024-02-28
confirmation-statement-with-updates
confirmation-statement · CS01
2023-12-06
change-person-director-company-with-change-date
officers · CH01
2023-03-01
resolution
resolution · RESOLUTIONS
2023-03-01