HIGHLAND WHOLEFOODS WORKERS CO-OPERATIVE LIMITED

🌳Matureactive

SC118083 · ltd · incorporated 1989-05-23

Investment thesis

Looks cheap but ownership + security both unclear — probable value trap.

Why interesting: Headline metrics may be attractive.

Why risky: No PSC visibility combined with multiple live charges; transacting likely slow and expensive.

🔒Estimated value

—

Upgrade to see

Turnover

—

year to Feb 2025

Net worth

—

book net assets

Opportunity

77/100

Strong

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What this business does

Primary activity: Non-specialised wholesale of food, beverages and tobacco

Sector: Wholesale & retail

Investor take

Pursue

Strong opportunity: active trading company with strong profile and acceptable with review structure.

Opportunity 77/100 (strong), bankability 67/100. Biggest value-creation lever: Consolidate lender relationships. 4 distinct lenders creates friction — refinance into single-lender structure for cleaner diligence. Most likely exit: share sale to pe / searcher (45/100).

🏦

Refinance opportunity

8 live charges · 4 lenders · oldest 32.0y

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 32.0 years old — likely at or near maturity.
· 4 lenders named — inter-creditor friction likely.
· Legal-friction score 48/100 (high).

Data confidence

Overall: medium (69/100)

Adequate coverage. AI outputs are reliable for the sections scored high; verify the rest in diligence.

Company profile

address, 1 SIC codes, incorporation date

100

Financials

2 years of iXBRL accounts extracted (YoY deltas available) + narrative notes parsed

Lenders & charges

8 charges (8/8 with lender, 8/8 with type)

Directors & officers

43 officers (9 active, 43 linked, 35 with DOB)

Ownership & PSC

No PSCs filed (unusual — worth investigating)

Director network

Network not yet resolved

Filing history

191 filings on record

Gazette notices

No matching gazette notices (standard for active companies)

Opportunity Score

77/100Strong

PassWatchWorth a lookStrongExceptional

Solid opportunity signal. Worth a dedicated memo and management meeting.

Business quality

Active, clean filings, stable charge profile.

Acquirability

Strong succession / seller-readiness signals.

Risk profile

Some moderate concerns — review flags.

Signal strength

100

Good data coverage for analysis.

Key financials

2 years extracted from filed iXBRL accounts

Cash

—

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	2025-02-28	2024-02-29
Average employees	1700	1600

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

filings

• 1 confirmation-statement
• 1 officers

Last 90 days

filings

• 9 officers
• 1 confirmation-statement

Last 180 days

filings

• 11 officers
• 1 confirmation-statement

Counts from Companies House filing history.

Corporate timeline (111 events)Click to expand

2026-04-09
📄
appoint-person-director-company-with-name-date
officers · AP01
2026-03-18
📄
change-person-director-company-with-change-date
officers · CH01
2026-03-18
📄
change-person-director-company-with-change-date
officers · CH01
2026-03-18
📄
change-person-director-company-with-change-date
officers · CH01
2026-03-18
📄
change-person-director-company-with-change-date
officers · CH01
2026-03-18
📄
change-person-director-company-with-change-date
officers · CH01
2026-03-18
📄
change-person-director-company-with-change-date
officers · CH01
2026-03-18
📄
change-person-director-company-with-change-date
officers · CH01
2026-03-18
📄
change-person-director-company-with-change-date
officers · CH01
2026-03-01
➕
MACIOMHAR, Morven appointed
director
2025-11-20
📄
termination-director-company-with-name-termination-date
officers · TM01
2025-11-20
📄
termination-secretary-company-with-name-termination-date
officers · TM02
2025-11-17
➖
MCCUBBIN, Kevin resigned
secretary
2025-11-17
➖
MCCUBBIN, Kevin resigned
director
2025-10-09
➖
GUBBINS, Nicholas Louis Reginald resigned
director
2025-10-09
📄
termination-director-company-with-name-termination-date
officers · TM01
2025-07-25
📄
accounts-with-accounts-type-total-exemption-full
accounts · AA
2024-09-23
📄
appoint-person-director-company-with-name-date
officers · AP01
2024-08-01
➕
GUBBINS, Nicholas Louis Reginald appointed
director
2024-07-10
📄
accounts-with-accounts-type-total-exemption-full
accounts · AA
2023-10-30
📄
capital-cancellation-shares
capital · SH06
2023-10-30
📄
capital-return-purchase-own-shares
capital · SH03
2023-08-11
📄
accounts-with-accounts-type-total-exemption-full
accounts · AA
2023-01-27
📄
termination-director-company-with-name-termination-date
officers · TM01
2023-01-20
➖
TURNER, Ethan resigned
director
2022-12-08
📄
change-person-director-company-with-change-date
officers · CH01
2022-12-08
📄
change-person-director-company-with-change-date
officers · CH01
2022-02-16
➕
KENDRICK, Benjamin Robert appointed
director
2021-09-01
➖
PENNIE, Frederick resigned
director
2021-08-01
➖
MACGRUER, Finn resigned
director
2021-08-01
➕
TURNER, Ethan appointed
director
2020-09-30
➖
SPALDING, Ross Frank resigned
director
2020-04-30
➖
KINDURYTE, Aušra resigned
director
2020-03-18
➕
GUEST, Susan Jane appointed
director
2019-09-05
➕
MACGRUER, Finn appointed
director
2019-02-28
➖
BOCHEL, Pam Mhairi resigned
director
2018-08-13
➕
KINDURYTE, Aušra appointed
director
2017-10-31
➖
HUTCHISON, Alasdair resigned
director
2017-04-06
➕
SPALDING, Ross Frank appointed
director
2016-12-01
➕
BRYCE, Craig Forbes appointed
director
2016-04-30
➖
KELSEY, Christopher Edward resigned
director
2016-03-18
➖
ROWE-LEETE, Daniel resigned
director
2015-03-01
➕
MILLER, Kirstin Louise appointed
director
2012-09-01
➕
ROWE-LEETE, Daniel appointed
director
2012-02-29
➖
TAYLOR, Halina Jane Anne resigned
director
2010-09-29
➕
KELSEY, Christopher Edward appointed
director
2010-06-30
➖
KELLY, Stephen resigned
director
2009-08-05
➕
BOCHEL, Pam Mhairi appointed
director
2008-10-01
➕
PENNIE, Frederick appointed
director
2008-05-02
➖
MACKENZIE, Diane resigned
director

Showing most recent 50 of 111 events

Owner dependency

58/100

Moderate — manageable with handover

Some founder dependency, but not acute. A structured handover period should cover most risk.

FACTORS

-9 active directors: Broader management team in place — suggests transferable governance.
+Long-tenure founder: Senior director has been in place 35 years — deep operational knowledge concentrated in one person.
+Senior director age: Director aged approximately 63 — approaching natural succession window.

Succession & seller-readiness

70/100

Strong succession signal

Multiple signals suggest succession is on the horizon. Candidate for proactive outreach.

SIGNALS

primaryFounder aged 63+: Senior director is approximately 63. Approaching typical UK retirement age — succession thinking likely.
primary20+ year tenure: Director in role 35 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

2 med ·

3 director resignations in last 12 months

medium

Multiple recent departures can indicate governance disagreement, succession event, or preparation for sale/stress.

Evidence: MCCUBBIN, Kevin resigned 2025-11-17; GUBBINS, Nicholas Louis Reginald resigned 2025-10-09; MCCUBBIN, Kevin resigned 2025-11-17

Charge satisfaction-then-recreation pattern

medium

Multiple instances where a charge was satisfied and a new charge created within 6 months. Suggests active refinancing cycle.

Similar companies

Active · Wholesale & distribution · IV postcode area

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GLEANER LIMITED→ SC030017 · est 1954	£4.05M £3.04M–£5.06M	—	—	199	72y	88	62y
INVERNESS WHISKY LTD→ SC697926 · est 2021 · no financials extracted	—	—	—	—	4y	—	—
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JUST HOOKED LIMITED→ SC225375 · est 2001 · no financials extracted	—	—	—	—	24y	—	—
NORTH GREETINGS LTD→ SC519194 · est 2015 · no financials extracted	—	—	—	—	10y	—	—
OPTIMUM UNDERFLOOR HEATING LIMITED→ SC312531 · est 2006 · no financials extracted	—	—	—	—	19y	—	—
PILGRIM CARAVANS OUTDOORS LIMITED→ SC751221 · est 2022 · no financials extracted	—	—	—	—	3y	—	—
PRIDE OF BENGAL HIGHLAND LTD→ SC335251 · est 2007 · no financials extracted	—	—	—	—	18y	—	—
PRIDE OF BENGAL WHOLESALE LTD→ SC720677 · est 2022 · no financials extracted	—	—	—	—	4y	—	—
RMGS (SCOT) LIMITED→ SC796125 · est 2024 · no financials extracted	—	—	—	—	2y	—	—
SABAR SOLUTIONS LIMITED→ SC735691 · est 2022 · no financials extracted	—	—	—	—	3y	—	—

Peers ranked by estimated value, then turnover, then opportunity score.See all →

🔒Tailored diligence questions

6 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

Incorporated1989-05-23

Jurisdictionscotland

Primary SIC46390 — Non-specialised wholesale of food, beverages and tobacco

Registered office

Unit 6,13 Harbour Road

Longman Industrial Estate

Inverness

IV1 1SY

Filing status

Accounts

Next due: 2026-11-30

Last made up to: 2025-02-28

Confirmation statement

Next due: 2027-03-14

Last: 2026-02-28