Freshcut Foods, a UK supplier of plant-based ingredients, has reported strong financial results for the year ending in July 2023.
The company’s profit and loss account shows a turnover of over £42.4 million, up from £35.4 million the previous year. However, pre-tax profits were down from £709,567 to £179,270.
Freshcut Foods aims to “make veg the hero”, supplying fresh vegetables to global food service brands, chilled food manufacturers, and recipe box operators. The company is catering to the growing trend towards flexitarianism in the UK, with a report published last year finding that the country’s plant-based food market is growing at a rate of 9.58%.
Freshcut Foods recently announced on LinkedIn that it had led a Plant Forward Cuisine session for major supermarket chain Tesco, with the aim of creating clean, natural plant-based dishes. The company also made an appearance at the MIDAS Foodservice Network event in Birmingham last month.
“Natural plant-based food solutions”
Last year, investment company Flywheel Partners acquired a majority stake in Freshcut Foods, following the exit of private equity firm Perwyn. The acquisition came after Freshcut saw a huge £10 million spike in turnover and a return to profit in 2022 as it recovered from the pandemic.
“We are hugely excited to be partnering with Flywheel in the next stage of our growth journey, as we continue to provide customers with natural plant-based food solutions through industry-leading innovation,” said Freshcut Foods CEO Chris Copestake last July. “Flywheel Partners’ experience in the food sector, their entrepreneurial spirit, and strong cultural fit make them the perfect partner to help drive our development over the years ahead.”