The sale of Edinburgh-based Vegware to Novolex looks likely to have valued at the firm at tens of millions of dollars.

It recognises Mr Frankel’s achievement in building a firm that is a global leader in an industry of huge importance.

Vegware has developed a range of eco-friendly products that help cut the waste potentially associated with the ever-increasing popularity of takeaway food and outdoor catering.

The company’s products are made from plant-based materials that can be composted with food waste. The range includes cups, cutlery and packaging used for takeaways.

The products provide a way of avoiding sending huge quantities of single-use utensils and the like to landfill.