Protein Works crosses £50m turnover milestone

Fast growing North West protein supplements business Protein Works has crossed an important £50m threshold as it plans to move to a new headquarters in Liverpool.
Accounts due to be filed by parent company Class Delta Ltd will show an +18% increase in revenue, reaching £50.7m for the fiscal year ending August 2024.
Profit before tax has grown 36% to £8.8m. Revenue growth from its domestic UK market has been strong at +21% with brands’ premium Protein Shakes and Meal Replacement Shakes driving growth.
Laura Keir
The business is owned by private equity investor YFM, who funded a management buyout in 2019 led by then marketing director Laura Keir.
Founder Mark Coxhead retains a minority stake. He founded the company after he left MyProtein following its sale to THG in 2011.
Now the CEO of Protein Works, Laura Keir said: “After over a decade of back-to-back growth, the team creates pressure for itself to perform and we work relentlessly to achieve our goals. So chalking up another year of double-digit growth is great. We now have a 5-year compound annual growth rate of 24%, which is a testament to the resilience of our strategy.”
She said hitting the +£50m milestone, and increasing the customer numbers to 2 million customers, has made things “even sweeter” as the businesses close the financial year.
“We have an undisputable record of delivering for our customers and investors and we will continue to be hyper-focused on gearing up for growth across our teams,” she said.
PW Campus
In 2025 the company will move into a £10m new facility dubbed “PW Campus” in Speke, close to Liverpool John Lennon Airport.
All the functions of food manufacturing, supply chain, logistics, marketing, technology and data, will be back under one roof.
The business is now looking to meet its next milestone of selling 400m shakes worldwide.
Chief Supply Chain Officer Stuart Baber said: “2024 was an exciting year for Protein Works as we cemented our place as one of the most exciting brands in the functional foods space. But we rarely look back. We’re wired for growth. As we push into 2025, and the launch of our new PW Campus we’ll look to become one of the most exciting brands to work for too.”
David Bell of YFM, the private equity backers of Protein Works for the last five and a half years said: “We’re exceptionally proud of the C-Suite Team at Protein Works who have led their teams through some significant macro challenges and subsequently delivered significant business milestones over our journey with them. +£50m is of course a nice milestone, though capping off a 5th year of double-digit growth is exceptional.”