Southport-based Nationwide Produce, a family-owned business specializing in the growth, import, and export of fresh produce, has announced a financial upturn in its annual report. Over the 12 months ending May 31, 2024, the company experienced a revenue increase of 5.5%, reaching £186.3m, and a pre-tax profit surge of 66% to £3.54m. This growth comes despite challenges such as adverse weather conditions in the UK and supply chain disruptions globally.
The company, originally founded as Bernard O'Malley & Sons, is mourning the loss of its founders, Bernard and Joan O'Malley, who passed away within days of each other. Their son, Tim O'Malley, currently serves as the managing director, alongside his brothers Patrick and Anthony who are senior directors.
Nationwide has recently expanded its operations, securing a £3.5m loan from Lloyds Bank to increase its warehouse capacity in Evesham by 75%. This expansion supports its comprehensive involvement in the fresh food supply chain, including production, grading, packing, trading, importing, and exporting of vegetables and fruits globally. The company also cultivates 550 acres of land in East Anglia, focusing on root crops.
The past year has been challenging for agriculture, with Tim O'Malley noting unprecedented rainfall in the UK and drought conditions in southern Europe. Additionally, disruptions such as El Niño have impacted supply chains in South America. Despite these obstacles, Nationwide's procurement teams have managed to navigate these difficulties effectively.
The collapse of joint venture partner AH Worth has led Nationwide to directly serve supermarket giants Aldi and Lidl, marking a significant shift in its business operations. This change has prompted a further investment of £5m in its Long Sutton site. Nationwide's workforce comprises 218 employees, with directors' remuneration totaling £2.8m for the year, and dividends amounting to £250,000.
Source: Liverpool Business News