Sales soared at Waitrose supplying Flatfish in the year when Japanese giant Nissui bought 75 per cent of the Grimsby seafood processing business.
The company’s elongated financial year saw turnover top £20 million from £11.5 million, with like-for-like sales up more than 41 per cent.
Losses were also slimmed back despite significant investments in the expanded facility and a transfer of business from new sister company Caistor Seafoods. The Stirling Street operation returned a net loss of £341,000, down from £573,000 in 2018.
Signing off the recently published strategic report, director Steven Stansfield said a turnaround was underway after major physical expansion of the award-winning business.
He said: “The company saw a growth in sales during the period as a result of the development of its tier one retail relationships and new product development which was further enhanced by significant capital investment, including the development of a new multi-million pound factory and transfer of business from a sister group company under a trade and asset transfer arrangement.
“During the year the company became part of the Nissui group following the acquisition of 75 per cent of the issued share capital. The strategy agreed between the company and Nissui is to retain the family values which have been fundamental to the historic success of the company and as such, the day-to-day operational and strategic decision making continues to rest with its CEO and previous owners who have retained a 25 per cent interest.
“The business is pursuing a strategy of strengthening current customer relationships whilst also exploring growth opportunities. The primary focus across the business is to drive the profitability of the company through cost efficiency, cost control and targeted investment which will provide a platform of stable profitability from which the business can grow.”
Fisheries Minister Robert Goodwill visited the plant when the doubling of the 40-year-old firm’s footprint was revealed.
Neighbouring business units to the off-dock facility were acquired in 2015, gutted and transformed into state-of-the-art food processing operations in a £2.5 million addition.
Seven more staff were added in the period, taking the employee numbers from 58 to 65.
Mr Stansfield told how Covid-19 was having a limited financial impact on the company, with the expectation that Flatfish will now return to profitability, adding sureties had been given by Nissui should finance be required.
