Profits double at food manufacturer in year of re-structure and change
Food manufacturer William Jackson & Son saw profits more than double in a year it sold its pre-packaged salad business and geared up to sell Aunt Bessie’s in a £210m deal.
This week publishing its results for the financial year ending 28 April 2018, the Hessle-based group reported pre-tax profits of £33.7m – compared with the £16.6m achieved in the prior year.
The group, however, saw turnover drop to £285.4m from £317.9m. Operating profit before exceptional items also decreased from £11.7m to £9.5m.
During the year, William Jackson sold its bagged salad business, MyFresh, to Florette UK and Ireland. Its company accounts said of the disposal: “The board believes that the business will continue to thrive under the ownership of a scale fresh produce business.”
Family owned William Jackson also sold frozen foods maker Aunt Bessie’s to Nomad Food Group for £210m and the deal completed post year-end, on 2 July 2018. Following this, William Jackson & Son underwent a “corporate restructure.”
As a result, the group was transferred to a new holdings company – William Jackson Foods Limited – and William Jackson & Son was placed into liquidation on 6 July.
Under this new structure, William Jackson Food Group then acquired an 87.5% stake in fine ingredients supplier Wellocks.
The company said: “There are undoubtedly challenges in the commercial world in which we business; however, the board continues to believe that the opportunities for profitable growth outweigh the potential impact of the risks and uncertainties which face the group.”
The William Jackson Food Group was established in Hull in 1851, William Jackson’s great great grandson Nicholas Oughtred is Chairman of the business today. The firm added: “We have adapted and changed many times over the generations and have now completed another set of changes that equip the wider business for an exciting future.”
