The Stockport-based group behind wholesaler Parfetts and convenience store brand Go Local saw its profits double in the year ending 30 June 2020.
Employee owned AG Parfett & Sons, in publishing its statutory financial documents for its last complete financial year, showed its turnover increase from £80.1 million to £478 million in year 1 July 2019 to 30 June 2020. In the same period, gross profit also climbed from £6.1 million to £12 million.
The group attributed its exceptional performance in part to a boost in demand driven by the pandemic, from its customers at Go Local convenience stores, as well as the customers of its wholesale customers.
During the period, the Stockport wholesaler and retailer also grew its headcount by 57 to 683 across its sites in the North West, Midlands and South Yorkshire.
In an accompanying statement from the firm’s directors published alongside the company accounts, the business praised the work of its employees in delivering the strong financial performance, particularly during the pandemic:
Credit is once again due to the hard work of all our colleagues, throughout the year in general, but particularly over the closing 4 months as weekly and daily sales records were broken on several occasions. We continue to work harder for our customers than ever before, and all our staff have benefited from our trading performance through our Employee Ownership Bonus Scheme.”
As an employee owned business, all staff have also been able to benefit from the group’s jump in profits. Bonuses of 13% have been paid to all employees with at least a year’s service, and increase from the 7.5% paid off the back of 2019 figures.