The McCann family have brought their spending on Fyffes shares in the past four months to over £3.2 million and the family stake in the fruit distribution business has increased from 8.3 per cent to 9.6 per cent. The Fyffes chairman, Mr Neil McCann, and his two sons the chief executive, Mr David McCann, and finance director, Mr Carl McCann, disclosed that their Balkan Investments company bought 1.2 million shares last week for 131p and 132p - a total cost of £1.6 million.

This follows the purchase of 750,000 shares for £950,000 in mid-January and 635,000 shares for £640,000 last October. This means that Balkan is closing on DCC as the biggest shareholder in Fyffes - DCC has a 10.7 per cent stake.

This continued buying of Fyffes shares at the full price in the market is seen as a clear signal from the family that they have confidence in the group's future.

The three members of the family have opted to increase their collective holding in Fyffes through market purchases by Balkan rather than increasing their individual shareholdings through the exercise of share options.

Mr Neil McCann has options over 750,000 shares at prices between 55p and 91p, Mr Carl McCann has options over 791,667 shares at prices between 55p and 95p and Mr David McCann has options over 395,833 shares at prices between 55p and 91p.

As well as substantially rebuilding their shareholding after the forced sale of £10 million worth of Fyffes shares in 1992, Mr Neil McCann and his two sons are also sitting on a sizeable paper gain on their recent investment in the company.

The 2.6 million shares they have bought for £3.2 million are worth over £3.6 million after yesterday's sharp rise in the Fyffes share price.

The shares rose 7p to 142p yesterday and are now over 30p higher since Fyffes surprised the market with exceptionally strong results for the year ending last October.

Those results and a positive trading statement have led to a substantial re-rating of the shares as brokers upgraded their 1998 and 1999 forecasts for the group.

At that price, the value of the family shareholding through Balkan Investments is over £40 million. In addition, Mr Neil McCann has 712,500 shares under his own name worth just over £1 million, Mr Carl McCann has 395,833 shares worth £562,000 while Mr David McCann has 791,667 shares worth £1.1million at yesterday's price.