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Profit-making Produce World Announces Organic Grower Acquisition

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Profit-making Produce World Announces Organic Grower Acquisition

Profit-making Produce World Announces Organic Grower Acquisition
March 12
11:36 2015

The Produce World Group has announced a third successive profitable year, the acquisition of leading organic grower Taylorgrown, and a streamlining of its management board.

This  continued the trend of recent years by delivering profits of just over £4 million on a slightly reduced turnover of £172 million for the year to the end of June 2014. This covers the period before the recent acquisitions of organic roots supplier TIO and Fenmarc’s roots division.

The UK’s largest grower and supplier of fresh vegetable has also announced a streamlining of its management structure and the addition of Taylorgrown Ltd to the Produce World Group.

Neil Fraser, chairman and chief executive, says: “Retailing is more competitive than it has ever been and there have been big changes in the way that consumers shop which have impacted on volumes. Only the most efficient and agile businesses will thrive in this environment. We have done well to deliver a good performance over the past three years, but we cannot afford to rest on our laurels. The strength of the business over the past three years has put us in a position to make the acquisitions announced in 2014 and to go ahead with the recently announced restructuring proposals including our planned joint venture with LFP.

The Produce World Group announced the acquisition of TIO, a Scottish organic roots supplier, in July 2014, and the roots division of Fenmarc based at Swinderby, Lincolnshire in October 2014. In February 2015 it announced that it intended to form a joint venture with LFP for the growing, processing and packing of brassicas. If this goes ahead all processing and packing will take place at LFP’s site at Wykeham, which will be managed by the Produce World Group. It also proposes to move all its conventional roots production to its site at Isleham.

ProduceWorldVegetablesThe acquisition of Taylorgrown will further strengthen Produce World’s position within the organic vegetables sector.

Neil Fraser adds: “The changes we have made to the business in the past nine months have broadened our customer base, increased our penetration in key sectors and helped to grow the business in line with our strategic plan. With the latest proposed changes, the Produce World Group will continue to evolve to meet the challenges ahead.”

The revised management structure will mean that William Burgess becomes vice-chairman and strategy director. While Jason Burgess and Andrew Burgess will take more strategic, ambassadorial and advisory roles as part of the group’s investment board and will be less involved in the day-to-day running of the company.

Neil Fraser continues: “Growing is a core part of our business and the acquisition of Taylorgrown serves to reinforce this. For the Produce World Group our joint ventures with LFP and Tompsett Burgess Growers, our direct relationship with Greenshoots and our partnerships with many other growers, demonstrate that we continue to be heavily involved in growing across the business.”

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