Grape Tree grew sales by nearly a third last year after opening new stores and doubling capacity in its supply chain.
Turnover grew by 32% to £69.3m in the year to December 2024, according to latest accounts published at Companies House.
Pre-tax profits grew by over 80% from £2.3m to £4.2m, capping off what founder Nick Shutts described as a “satisfactory year” for the budget health and wellness chain. He credited new store openings and e-commerce sales for driving the growth.
Grape Tree has ploughed investment into new stores and its supply chain in a plan aimed at taking on Holland & Barrett. In April 2024, it doubled capacity at its manufacturing and packing plant in Kingswinford, Dudley to 68,000 sq ft.
Distribution and lease costs increased as a result, leaving the business with total profit for the year of £1.6m, up from £1.5m the previous year.
“We are pleased with another year of strong growth, which reflects the hard work of our teams across the country and the loyalty of our customers,” Shutts told The Grocer.
“Our focus remains on bringing healthier food at great value to more communities, and we continue to invest in new store openings and infrastructure to support that mission.
“Over time, the brand has taken on a life of its own built on enterprise, entrepreneurial spirit, by a container of walnuts a week,” he added.
Shutts is best known for founding and growing the health and wellness chain Julian Graves, which he sold to Holland & Barrett. He co-founded Grape Tree in 2013, after Julian Graves was closed down, “cherry picking” some of the best locations and former Julian Graves staff.
The business has more than 180 stores, having opened the equivalent of three new sites a month since the beginning of 2024. Shutts previously told The Grocer he aimed to reach 200 by early 2026, and was targeting mostly premium locations in market towns or high streets.
“We like to be near to a Holland & Barrett when we are choosing a store,” Shutts said in July. “It gives customers the ability to get a feel [for the brand].”
The business specialises in bulk-buy bags of products like walnuts, seeds and chocolate raisins, and had capitalised on a growing demand for health and wellness products from shoppers.
Shutts said be expected turnover for the current financial year to hit £84m and and pass £100m next if the growth continued.
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