Re:fresh Packer of the Year Greyfriars has announced a fifth-year of strong financial growth in 2003-04 despite being de-listed by Tesco.
The company - best known as a mushroom packer - has successfully diversified into sweetcorn and garlic and grown its business with Morrisons to outstrip its combined Tesco and Morrisons volumes of a year ago.
Performance for 2003-04 closed with sales of just under £11 million for the Ripon-based company. “The mushroom industry has decreased in size by approximately 60 per cent in the last five years,” said md John Smith (pictured). “But, by maintaining our exceptional service and quality levels, we have managed to evolve and secure diversification opportunities from our main customer.”
Every few years, Greyfriars works on a strategic plan, and, three years ago, came up with the plan to diversify into packing other, better-margin lines. At the same time it recognised the potential threat that Polish mushroom production posed and turned it into an opportunity by researching the country, tracking down supplier Okechamp SA and now marketing the Polish producer’s entire crop.
It has also invested in top-level management, recruiting an operations director as well as category and technical managers.
Over the past two years Greyfriars has invested £800,000 in a sweetcorn stripping line and a vegetable processing and packing plant.
“Our net profits after tax of £120,000 for 2003-04 will provide a strong financial platform to enable further growth,” said Smith.
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