CULLODEN FOODS LIMITED
🌳Matureactive
SC063411 · ltd · incorporated 1977-11-02
Investment thesis
Established operating company — standard diligence applies, no dominant angle.
Why interesting: Live, filing, normal profile.
Why risky: No standout signals in either direction.
🔒Estimated value
—
Upgrade to see
Turnover
—
year to May 2025
Net worth
—
book net assets
Opportunity
80/100
Exceptional
What this business does
Primary activity: Manufacture of bread; manufacture of fresh pastry goods and cakes
Sector: Manufacturing
Investor take
PursueLeverage-led grower with a 81-year-old founder — textbook succession opportunity.
Opportunity 80/100 (exceptional), bankability 67/100. Strong seller-intent signal (63/100, director aged 81). 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 (57/100).
🏦
Refinance opportunity
22 live charges · 6 lenders · oldest 48.1y
25/100
too messy
Structure is too messy for a clean refinance right now — clean up first or expect bespoke terms.
- · Oldest live charge is 48.1 years old — likely at or near maturity.
- · 6 lenders named — inter-creditor friction likely.
- · Legal-friction score 50/100 (high).
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
22 charges (22/22 with lender, 22/22 with type)
90
Directors & officers
10 officers (6 active, 10 linked, 7 with DOB)
84
Ownership & PSC
1 active PSC(s) of 2 total, 2 with control declared
90
Director network
3 connected companies via shared directors
54
Filing history
153 filings on record
85
Gazette notices
No matching gazette notices (standard for active companies)
60
🔒Estimated company valuation
Sector-multiple EBITDA, turnover, and NAV-proxy valuation range with confidence tier — derived from extracted iXBRL financials.
Available from the Pro tier upwards.
See pricing →Opportunity Score
80/100Exceptional
PassWatchWorth a lookStrongExceptional
Strong composite across quality, acquirability, and risk. High-priority target — progress to serious diligence.
Business quality
70
Active, clean filings, stable charge profile.
Acquirability
85
Strong succession / seller-readiness signals.
Risk profile
77
Few red flags.
Signal strength
100
Good data coverage for analysis.
Signals from accounts
Derived from iXBRL accounts · FRS 102Profitable
Profit before tax £323,615
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 |
|---|---|---|
| Profit before tax | £323.6k | — |
| Average employees | 215 | 20500 |
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
0
filings
Last 180 days
1
filing
- • 1 accounts
Counts from Companies House filing history.
Corporate timeline (73 events)Click to expand
- 2025-12-04📄accounts-with-accounts-type-fullaccounts · AA
- 2025-11-11📄appoint-person-secretary-company-with-name-dateofficers · AP03
- 2025-11-11📄termination-secretary-company-with-name-termination-dateofficers · TM02
- 2024-12-20➕GOW, David James appointedsecretary
- 2024-12-20➖GOW, William Harold resignedsecretary
- 2024-11-27📄accounts-with-accounts-type-total-exemption-fullaccounts · AA
- 2024-11-12📄change-person-director-company-with-change-dateofficers · CH01
- 2024-11-12📄change-person-director-company-with-change-dateofficers · CH01
- 2024-11-12📄change-person-director-company-with-change-dateofficers · CH01
- 2024-11-12📄change-person-director-company-with-change-dateofficers · CH01
- 2023-12-01📄accounts-with-accounts-type-total-exemption-fullaccounts · AA
- 2023-03-01📄mortgage-satisfy-charge-fullmortgage · MR04
- 2023-03-01🔓Charge satisfied #3
- 2023-02-22📄mortgage-satisfy-charge-fullmortgage · MR04
- 2023-02-22📄mortgage-satisfy-charge-fullmortgage · MR04
- 2023-02-22📄mortgage-satisfy-charge-fullmortgage · MR04
- 2023-02-22📄mortgage-satisfy-charge-fullmortgage · MR04
- 2023-02-22📄mortgage-satisfy-charge-fullmortgage · MR04
- 2023-02-22📄mortgage-satisfy-charge-fullmortgage · MR04
- 2023-02-22📄mortgage-satisfy-charge-fullmortgage · MR04
- 2023-02-22📄mortgage-satisfy-charge-fullmortgage · MR04
- 2023-02-22📄mortgage-satisfy-charge-fullmortgage · MR04
- 2023-02-22📄mortgage-satisfy-charge-fullmortgage · MR04
- 2023-02-22📄mortgage-satisfy-charge-fullmortgage · MR04
- 2023-02-22📄mortgage-satisfy-charge-fullmortgage · MR04
- 2023-02-22🔓Charge satisfied #29
- 2023-02-22🔓Charge satisfied #27
- 2023-02-22🔓Charge satisfied #26
- 2023-02-22🔓Charge satisfied #25
- 2023-02-22🔓Charge satisfied #24
- 2023-02-22🔓Charge satisfied #23
- 2023-02-22🔓Charge satisfied #22
- 2023-02-22🔓Charge satisfied #21
- 2023-02-22🔓Charge satisfied #20
- 2023-02-22🔓Charge satisfied #19
- 2023-02-22🔓Charge satisfied #17
- 2023-02-22🔓Charge satisfied #16
- 2023-02-22🔓Charge satisfied #15
- 2023-02-22🔓Charge satisfied #18
- 2023-02-22🔓Charge satisfied #14
- 2023-02-22🔓Charge satisfied #5
- 2014-03-12🔒Charge registered #29Lender: Speyfield Limited
- 2013-10-08🔒Charge registered #28Lender: Clydesdale Bank PLC
- 2010-04-12➕GOW, Fraser Macmillan appointeddirector
- 2010-04-12➕MCINTOSH, Jane Burnett appointeddirector
- 2010-04-12➕MCINTOSH, Sara Fenion appointeddirector
- 2009-05-31➖GOURLAY, Michael Dale resigneddirector
- 2006-08-10🔒Charge registered #27Lender: Clydesdale Bank Public Limited Company
- 2005-11-18🔒Charge registered #26Lender: Clydesdale Bank Public Limited Company
- 2005-11-18🔒Charge registered #25Lender: Clydesdale Bank Public Limited Company
Showing most recent 50 of 73 events
Owner dependency
73/100
High — earn-out structure requiredMaterial founder dependency. Consider a 2-3 year earn-out and build in a handover plan before completion.
FACTORS
- -5 active directors: Broader management team in place — suggests transferable governance.
- +Long-tenure founder: Senior director has been in place 26 years — deep operational knowledge concentrated in one person.
- +Founder age: Director aged approximately 81 — succession pressure is live.
- +Family involvement: Multiple officers share a surname — likely family business, which concentrates governance.
Succession & seller-readiness
80/100
Likely off-market candidateStrong acquirability signals converging. Worth approaching directly — this is how off-market deals start.
SIGNALS
- primaryFounder aged 70+: Senior director is approximately 81 years old. Natural succession window is now.
- primary20+ year tenure: Director in role 26 years. Very long tenure is a classic succession signal.
- supportingClean filings + long tenure: Disciplined long-tenure operator — classic lifestyle-business pattern that often sells quietly.
Red flags
1 med ·Charge satisfaction-then-recreation pattern
mediumMultiple instances where a charge was satisfied and a new charge created within 6 months. Suggests active refinancing cycle.
Group structure
Harry Gow Limited is the ultimate parent — holding 75%+ shares. This company sits inside their group.
🏛️ultimate parent
Harry Gow Limited
Corporate parent · holds 75-100% shares
⬇
CULLODEN FOODS LIMITED
This company · SC063411
Parent relationships inferred from Persons with Significant Control filings. Full subsidiary tree requires reverse-lookup (coming).
Shareholders & ownership
1 active beneficial owner · dominant holder ≥75%| Name | Shares | Voting rights | Nature of control | Notified |
|---|---|---|---|---|
Harry Gow Limited Corporate entity | 75–100% | — | 75-100% shares | 17/07/2019 |
1 historic (ceased) PSC
- Mr William Harold Gowceased 17/07/2019· 50-75% shares · 50-75% 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
Active · Food & drink · IV postcode area| Company | Est. value | Turnover | Net worth | Staff | Age | Opp | Director |
|---|---|---|---|---|---|---|---|
| C J MIDDLETON LIMITED→ SC212646 · est 2000 | — | — | £558.0k | — | 25y | 82 | 66y |
| CLAYMORE DAIRIES LIMITED→ SC371390 · est 2010 · no financials extracted | — | — | — | — | 16y | 82 | 60y |
| EKOBAY LIMITED→ SC128521 · est 1990 | — | — | — | 200 | 35y | 82 | 73y |
| FIONNAR SPRINGS LTD.→ SC230770 · est 2002 | — | — | £273.5k | — | 24y | 82 | 92y |
| SINCLAIR BREWERIES LIMITED→ SC302746 · est 2006 | — | — | — | 21 | 19y | 82 | 65y |
| ATLAS BREWERY LIMITED→ SC303326 · est 2006 | — | — | — | — | 19y | 80 | 65y |
| KELTIC SEAFARE (SCOTLAND) LIMITED→ SC141396 · est 1992 | — | — | £1.15M | — | 33y | 80 | 84y |
| MARIXIN (INVERNESS) LIMITED→ SC098274 · est 1986 | — | — | — | 1900 | 40y | 80 | 85y |
| SPEYMALT WHISKY DISTRIBUTORS LIMITED→ SC037522 · est 1962 · no financials extracted | — | — | — | — | 64y | 80 | 65y |
| ANGELIC FREE FROM LTD→ SC400402 · est 2011 | — | — | £14.7k | — | 14y | 79 | 61y |
| ASHERS BAKERY LIMITED→ SC064323 · est 1978 · no financials extracted | — | — | — | — | 48y | 79 | 61y |
| GRANTS OF SPEYSIDE LTD.→ SC437477 · est 2012 | — | — | — | 25 | 13y | 79 | 74y |
Peers ranked by estimated value, then turnover, then opportunity score.See all →
🔒Tailored diligence questions
8 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
Incorporated1977-11-02
Jurisdictionscotland
Primary SIC10710 — Manufacture of bread; manufacture of fresh pastry goods and cakes
Registered office
Smithton Industrial Estate
Smithton
Inverness
Highland
IV2 7WL
Filing status
Accounts
Next due: 2027-02-28
Last made up to: 2025-05-31
Confirmation statement
Next due: 2026-11-24
Last: 2025-11-10
Officers (6 active · 4 resigned)
Active
Active
GOW, David James→
Activedirector · ~54y · appointed 2000-03-21
View their other companies + combined net worth →
GOW, Fraser Macmillan→
Activedirector · ~45y · appointed 2010-04-12
View their other companies + combined net worth →
MCINTOSH, Jane Burnett→
Activedirector · ~62y · appointed 2010-04-12
View their other companies + combined net worth →
MCINTOSH, Sara Fenion→
Activedirector · ~58y · appointed 2010-04-12
View their other companies + combined net worth →
GOW, William Harold→
Resignedsecretary · resigned 2024-12-20
BREAKEY, James→
Resigneddirector · resigned 1991-10-02
GOURLAY, Michael Dale→
Resigneddirector · ~82y · resigned 2009-05-31
GOW, William Harold→
Resigneddirector · ~91y · resigned 2000-03-21
Click a director name to see their full track record across all companies.
Mortgages & charges
22
Total charges
3
Outstanding
2
Active lenders
Status:Lender:22 of 22 shown
| Type | Properties | |||||
|---|---|---|---|---|---|---|
| satisfied | Speyfield Speyfield Limited | A registered charge | 1 property | 12/03/2014 | 22/02/2023 | |
| outstanding | Virgin Money Clydesdale Bank PLC | A registered charge | 1 property | 08/10/2013 | — | |
| satisfied | Virgin Money Clydesdale Bank Public Limited Company | Standard security | 1 property | 10/08/2006 | 22/02/2023 | |
| satisfied | Virgin Money Clydesdale Bank Public Limited Company | Standard security | 1 property | 18/11/2005 | 22/02/2023 | |
| satisfied | Virgin Money Clydesdale Bank Public Limited Company | Standard security | 1 property | 18/11/2005 | 22/02/2023 | |
| satisfied | Virgin Money Clydesdale Bank Public Limited Company | Standard security | 1 property | 18/11/2005 | 22/02/2023 | |
| satisfied | Virgin Money Clydesdale Bank Public Limited Company | Standard security | 1 property | 18/11/2005 | 22/02/2023 | |
| satisfied | Virgin Money Clydesdale Bank Public Limited Company | Standard security | 1 property | 18/11/2005 | 22/02/2023 | |
| satisfied | Virgin Money Clydesdale Bank Public Limited Company | Standard security | 1 property | 14/10/2005 | 22/02/2023 | |
| satisfied | Virgin Money Clydesdale Bank Public Limited Company | Standard security | 1 property | 14/10/2005 | 22/02/2023 | |
| satisfied | Virgin Money Clydesdale Bank Public Limited Company | Standard security | 1 property | 12/06/1995 | 22/02/2023 | |
| satisfied | Virgin Money Clydesdale Bank Public Limited Company | Standard security | 1 property | 26/05/1993 | 22/02/2023 | |
| satisfied | Virgin Money Clydesdale Bank Public Limited Company | Standard security | 1 property | 14/10/1992 | 22/02/2023 | |
| satisfied | Virgin Money Clydesdale Bank Public Limited Company | Standard security | 1 property | 25/06/1992 | 22/02/2023 | |
| satisfied | Highlands and Islands Development Board | Standard security | 1 property | 10/12/1990 | 22/02/2023 | |
| satisfied | Virgin Money Clydesdale Bank Public Limited Company | Standard security | 1 property | 24/01/1990 | 22/02/2023 | |
| satisfied | H I D B | Standard security | 1 property | 07/04/1983 | 10/10/1991 | |
| outstanding | H I D B | Instrument of charge | 1 property | 16/03/1983 | — | |
| satisfied | Highlands & Islands Development Board | Minute of agreement | 1 property | 17/04/1980 | 22/02/2023 | |
| satisfied | Highlands and Islands Development Board | Standard security | 1 property | 20/03/1979 | 01/03/2023 | |
| satisfied | Virgin Money Clydesdale Bank Public Limited Company | Standard security | 1 property | 20/03/1979 | 13/01/1992 | |
| outstanding | Virgin Money Clydesdale Bank Public Limited Company | Floating charge | 1 property | 31/03/1978 | — |
Click column headers to sort. Use filters above to narrow by status and lender.
Recent filings (153 total)
accounts-with-accounts-type-full
accounts · AA
2025-12-04
confirmation-statement-with-no-updates
confirmation-statement · CS01
2025-11-12
appoint-person-secretary-company-with-name-date
officers · AP03
2025-11-11
termination-secretary-company-with-name-termination-date
officers · TM02
2025-11-11
accounts-with-accounts-type-total-exemption-full
accounts · AA
2024-11-27
change-person-director-company-with-change-date
officers · CH01
2024-11-12
confirmation-statement-with-no-updates
confirmation-statement · CS01
2024-11-12
change-person-director-company-with-change-date
officers · CH01
2024-11-12
change-person-director-company-with-change-date
officers · CH01
2024-11-12
change-person-director-company-with-change-date
officers · CH01
2024-11-12
accounts-with-accounts-type-total-exemption-full
accounts · AA
2023-12-01
confirmation-statement-with-no-updates
confirmation-statement · CS01
2023-11-10
mortgage-satisfy-charge-full
mortgage · MR04
2023-03-01
mortgage-satisfy-charge-full
mortgage · MR04
2023-02-22
mortgage-satisfy-charge-full
mortgage · MR04
2023-02-22