Glendale Foods has increased sales more than 40% to record levels in the year leading up to the recent management buyout at the business thanks to the factory being fully restored following a “devastating” fire in 2012.
The North West food manufacturer behind the Great British Pudding Company and Yankee Snacks brands was acquired by MD Paul Burkitt and operations director Mark Jones in January.
Revenues in the year ended 27 September 2015 soared 41% to £19.2m as investment to rebuild the production area in the Salford factory landed Glendale several new contracts.
Underlying profits also climbed more than 30% to £1.6m in the year and pre-tax profits were boosted from £800k in 2013/14 to £3m by an insurance pay-out of £1.9m for the fire which almost destroyed the production facility in July 2012 and put the future of the business in doubt.
Glendale, which employs more than 130 staff, also purchased the business premises during 2014/15 and expanded its manufacturing operations.
“The company has performed well in an increasingly competitive market to increase and maintain sustainable growth,” accounts filed at Companies House said.
Burkitt added the business had continued to build the top line since the year end and since he took control in January.
“Sales growth is expected to continue albeit not at the same level,” Burkitts said. “The new facilities have been a big step change for us and it’s important that we consolidate this internally. That said, there is at least one retail listing confirmed in a new area for us and a healthy number in the background that will land during 2016.”
Glendale, which specialises in processing meats, cooked components and vegetable and flour-based products for retailers, wholesalers, food manufacturers, airlines and restaurant groups, is planning to relaunch the Great British Pudding Company and Yankee Snacks brands this year.
Burkitt and Jones, who have been with the business since 2007, took full control from founding shareholders John, Gill and Pam Mortimer, with backing from Lloyds Banking Group.