Ex-Tesco Boss Leahy Eyes MetaPack Share Sale

A logistics firm which counts the former Tesco (Xetra: 852647 - news) boss Sir Terry Leahy among its directors is drawing up plans for a share sale that would crystallise multimiillion pound fortunes for its investors.

Sky News understands that MetaPack, which provides internet delivery services to leading retailers such as Marks & Spencer (Other OTC: MAKSF - news) , has appointed GP Bullhound, a technology-focused investment bank, to work on the fundraising.

Sir Terry has been a shareholder in and director of MetaPack since 2011, one of a string of investments he has made since leaving the UK's biggest retailer at the end of 2010.

It is unclear whether Sir Terry is planning to offload any of his stake in the company or whether he plans to reinvest as part of the latest funding round.

Index Ventures, arguably the UK's best-known investor in technology and other growth companies, invested £20m in MetaPack a year ago.

The business has seen revenues rapidly increase amid growing demand from retailers to improve their online delivery capabilities, and now works with companies including John Lewis and Asos (Other OTC: ASOMF - news) .

Sir Terry's stake in MetaPack is said to be worth several million pounds, underlining the contrast in his fortunes with his successor at Tesco, Philip Clarke.

Mr Clarke, who stepped down as chief executive last month, faces a delay to his termination payment from Tesco amid inquiries by regulators including the Serious Fraud Office .

A MetaPack spokesman said: "We have good relations with our shareholders and some may increase their holding while others trim theirs.

"At the same time our commercial success and plans are likely to attract new investors as well as lead existing shareholders to grow their holding."