Deal helps Yearsley’s sales surge

FROZEN food distributor Harry Yearsley has nearly doubled profits following a significant acquisition.

The group, based in Heywood, Lancashire, saw pre-tax profits grow from £1.8m to £3.4m in the year to March 28. Turnover jumped by £32m to £141.5m.

The growth follows Yearsley’s decision to buy the frozen food part of Nottingham-based Innovate Logistics from administrators. It also increased its stake in the share capital of Bury property business Belfield Hall Developments from 20% to 67.4%.

In newly-filed accounts directors say the acquisition of Innovate added to Yearsley’s blue chip client base, allowing it to become the largest supplier of cold storage and frozen transport services in the UK.

In their report the directors said: “During the course of the year the majority of these operations were fully integrated and the loss-making areas of the business were eradicated. This has put the division in a strong position to take advantage of future opportunities.”

Yearsley also handles food sales, a division which has grown at a “healthy rate” although margins have been affected by tough trading conditions.

“The group is now in a strong position to maximise its potential and develop its staus as a leading supplier of frozen food and logistics to the frozen food industry,” added the directors.

The group now has 1,200 staff and 300 vehicles operating across 13 sites. No one at the company could be reached for comment.