Losses at Graze have almost doubled as owner Unilever integrated the snacking brand into the wider UK foods operation.
Rising costs pushed operating losses to £8.7m in the year ended 31 December 2024, compared with £4.5m in 2023, newly filed accounts for Nature Delivered Ltd showed.
Graze has performed poorly since Unilever acquired the business for £150m in early 2019, registering a deficit in ever year of the Marmite and Hellman’s maker’s ownership. The latest results took total operating losses under Unilever to more than £40m.
Unilever is trying to offload Graze as part of a wider food sell-off led by CEO Fernando Fernandez, with investment bank Piper Sandler appointed in the summer to oversee the process.
Revenues at Graze fell 9.9% year on year to £35.6m in 2024. The top line stood at £55m before Unilever took control of the business.
Unilever completed an integration of Graze into the Unilever UK food portfolio in September 2024, with manufacturing operations remaining with Nature Delivered Ltd, while marketing and sales have moved to the wider group.
A spokeswoman for Unilever said, following the integration, standalone accounts for Graze no longer presented a full picture or reflected up to date (or full year) sales performance for the brand.
Graze also stopped operating a DTC channel in 2024 in a bid to eliminate complexity from its supply chain, including sourcing simplification and realising automation and production efficiencies, according to the accounts. “The company was also able to right size its overheads for a retail-focused business, to benefit in 2025 and beyond,” the documents added.
Graze previously pulled out of the US market in late 2019 following a decline in DTC demand to focus on more profitable operations in UK retail.
The business recertified as a B Corp in 2024.
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