Sterling Meat Co 3

Source: Sterling Meat Co

The Manchester-based retailer delivered a 54.3% jump in sales to £22.8m in the year to 31 December

Sterling Meat Co, which emerged from the ashes of collapsed butcher shop chain Crawshaws in 2018, has reported further strong growth in its latest financial results.

The Manchester-based retailer, headed by ex-Crawshaws CEO and Asda meat buyer Jim Viggars, delivered a 54.3% jump in sales to £22.8m in the year to 31 December.

Operating profit almost doubled – rising by 91% to £1.4m – according to its annual report and accounts, posted with Companies House. Meanwhile, EBITDA rose by 89% to £1.5m. Gross profit margin hit 39.6%, compared with 38% in previous accounts, in what Sterling branded a “successful year”.

The business operates a total of 12 shops across the north of England under two brands: high street butcher Meat Mart and Sterling Foods to Go – which offers hot and cold food, including fresh meat.

Sterling attributed its growth to “up to 40% better value compared to major retailers”, driven by its EDLP strategy and bolstered by a now complete store revamp programme.

“Their unique point of difference has won the hearts and minds of shoppers, who are proactively promoting the business on social media, which is attracting their future growth,” the retailer’s accounts said.

Sterling’s 2024 figures were already “significantly ahead of the market” it added.

“I am forecasting and on track to achieve £25m-plus sales in 2024 and we are on track to surpass the 2023 EBIDTA figures,” MD Viggars told The Grocer.

“Our continuous focus on the absolute best quality service and value is resonating. All shops are now fully renovated with a blueprint for growth.”