ONE of Kent's most successful business families, Brake Bros, is thinking of selling up.

Shares in the chilled and frozen food group rose as chairman Frank Brake, 68, revealed that he was planning to retire and his family was looking at the possibility of "diversifying its significant investment".

The surprise move saw Brake Bros' shares go up 14 per cent as investors saw better-than-expected full-year profits from the Ashford-based company. Strong trading in November and December helped lift pre-tax profits to £40 million before one-off costs, up 2.6 per cent and ahead of analyst forecasts.

The chairman is one of three brothers who founded the business in 1958. The Brake family now controls a 58 per cent stake, worth around £200 million.

In a statement, Brake Bros said Credit Suisse First Boston had been appointed to conduct a strategic review. This could lead to a buyer being found to buy the company as a whole or a partner to help Brake Bros grow its business in the UK and France.

A spokesman said no third party had approached Brake Bros and other avenues could include a management buy-in. The Brake family wanted to ensure "the ongoing success of the business" and increase value for all shareholders.

Brake Bros had been expected to serve up pre-tax profits of around £36 million for 2001 after being hit by the foot and mouth crisis and September 11. But profits recovered in the second half of the year, rising 24.2 per cent on the same period the previous year, helped by the company's continuing expansion in France.

Mr Brake said: "Trading in the financial year to date is ahead of last year and in line with our expectations." Group sales increased 23% to £1.39 billion in 2001 with £112.9 million coming from acquisitions in the UK and France.

Brake Bros has bought a number of firms in the UK including fresh fish business M&J Seafoods and grocery supplier Cearns & Brown in 2000. Operating profits at the group's core foodservice arm in the UK slipped £500,000 to £32.6 million but were up 18.8% in the second half of the year.

A strong performance in the run-up to Christmas helped sales at the division hit £711.2 million, up five per cent.

Turnover in France rose 153.8 per cent to £267.3 million as operating profits before one-off costs hit £4.3 million, compared with £700,000 in 2000. Pre-tax profits, including reorganisation and goodwill costs, were £29.5 million, compared with £36.6 million the year before.