Food manufacturer shows an appetite for ambitious growth
Yorkshire-based business, The Tofoo Co has reported an 89% YOY increase in turnover for 2020 and has launched the UK’s first ever frozen tofu product.
Marking its most successful trading year to date, the tofu maker has announced its 2020 turnover was £14.7m.
It contrasts with its first year of trading in 2016, when Dave Knibbs and Lydia Smith acquired the business. Its turnover then was £600,000.
The firm has growth plans for next year. It says an investment in staff and resources will see it increase turnover to £20m by the end of 2021.
David Knibbs, founder and managing director, said: “Through consistent innovation and a strong brand presence, we’ve built a very loyal consumer base that enjoys making delicious and wonderfully unexpected meals using The Tofoo Co products.
“January 2020 was the start of a very successful year, when the brand turned over a record £1m in just one month.
“Throughout the year we’ve surpassed this total and in November 2020, celebrated sales of £1.4m.
“This Veganuary we’re planning to replicate the same success we’ve experienced in the chilled sector, in the frozen category by launching Tofoo Chunkies.
“Our entry into this market is part of our quest to make tofu more accessible. We know from research that this crispy format makes consumers really think differently about tofu – its taste, texture and how to use it.”
He added the company’s success is partly due to the fact that its customers appreciate the soy it uses is grown and harvested in a sustainable way.
“Although tofu has been around for thousands of years, it’s an ingredient that is seen as very modern; it encapsulates how people are eating today,” he said.
“We’re noticing an ever-increasing shift towards ethical consumption as people become more aware of the food choices they make.”
The Tofoo Co now employs 110 people from its home in Malton and increased its factory capacity in 2020 by 70%, with the installation of a new soy milk cooker.
Its core product, the Naked block is stocked in every Tesco, Co-op, Waitrose & Sainsbury’s store across the country.
