Crawshaw buys East Yorkshire butchers
CRAWSHAW Group, the meat retailer, has acquired East Yorkshire Beef.
East Yorkshire Beef operates a ‘premium sector’ butchers shop in Pocklington, East Yorkshire. For the financial year ended April 5 2014, the business generated a turnover of around £1.1m and pre-tax profits of £22,000. Rotherham-headquartered Crawshaw, which has acquired 100% of the share capital of East Yorkshire Beef, said the acquisition gives the company a foothold in a completely different sector of the market.
Crawshaw chairman, Richard Rose, said: “We are very excited about this new development as it gives us a position in the premium segment of our market and provides both a well-established retail store and a new supply chain which we could expand across other potential sites and online if we choose. Furthermore we believe there are operational synergies that can rapidly enhance the profitability of the acquired store.”
Last month, Crawshaw said further expansion is set to be a key driver for future growth at the business. In its results for the year ended January 31 2014, the business reported sales for the year of £21m, up from £18.8m in the previous year. Full year like-for-like sales increased by 11%. EBITDA doubled to £1.4m and pre-tax profit came in at £1m, compared to £0.3m in 2013. Like-for-like sales for the first 12 weeks of this year are up 19%.
The group, which has two distribution centres in Grimsby and Rotherham, opened its latest high street store in Sheffield earlier this year, bringing its number of retail locations across Yorkshire, Lincolnshire, Nottinghamshire and Derbyshire to 21.
