Turnover has grown to almost £230m in the latest accounts for Teesside firm Quorn Foods, with investment made to increase capacity to meet growing demand.
A firm favourite with vegetarians, the Stokesley-headquartered company – which has previously said it wants to create hundreds of new jobs on Teesside by doubling its production capacity at Billingham and starting work on a new global HQ in Stokesley – employs more than 800 people and sells its products in the UK, Europe, Australia, South East Asia and the US.
Recently filed accounts for Marlow Foods Ltd, which trades as Quorn Foods, show turnover rose to £229.6m in the year ending December 31 2019 – up 4.6 per cent from £219.6m in 2018. Pre-tax profit was £19.3m, down from £27.2m the previous year.
The dip in profit was put down to costs associated with capacity constraints faced by the business in 2019, which limited its ability to meet demand. In response, Quorn has made a significant capacity investment relating to fermenting and forming capacity.
In their report accompanying the results, a company director said: “Demand in our UK and core markets continued to increase. Strong growth was experienced in the food service sector as out-of-home providers have recognised the demand for vegan products.
“Our business with the quick serve restaurant sector is developing rapidly with launches in KFC, Costa Coffee, Hooters (USA), QSL-STEF SAS (France), and a range expansion with Greggs.
“The group continues to invest heavily in R&D to provide innovative, leading edge products to meet consumer needs.”
Tees Valley mayor Ben Houchen said: “It’s good to see an amazing Teesside export doing so well even during the pandemic.
“You can now get Quorn in KFC (The Impossible Burger) and Greggs (vegan sausage roll), all produced in Billingham.
“Investing in their Billingham facility and supporting local jobs is fantastic to see. Well done to everyone working for this truly Teesside success story.”
During 2019, Quorn Foods secured a £123m funding facility to refinance its existing debt and to fund the future growth of the business.
In June 2020, the company partnered with Liverpool FC, becoming the club’s official sustainable protein partner.
Quorn was bought by Monde Nissin the Philippines food company in 2015 in a £550m deal.