Catering equipment supplier Nisbets’ turnover has reached record levels on the back of a string of acquisitions last year, with the company posting sales of £321m in 2016.
Ahead of the publication of its latest annual accounts with Companies House, FEJ can also reveal that the Bristol-based outfit achieved a pre-tax profit of £34m.
The acquisition of four businesses – Mitre Linen, Space Catering, Bradshaw Microwave and Rowlett Rutland – helped to drive a 7% increase in trading profits.
The latest results demonstrate solid growth for the business, despite the uncertainty that the Brexit vote brought to the industry midway through last year.
It also marks the first time that Nisbets has shattered the £300m revenue mark. Back in 2015 it recorded a £26m pre-tax profit on sales of £255m.
Tim Carr, finance director at Nisbets, said the 2016 results pay testament to a “strong business” focused on delivering the very best prices and service to customers.
“The recent acquisitions have allowed us to further widen our market-leading product offering and to give greater service in areas which previously may not have been seen as Nisbets’ strength,” he said.
“The directors continue to be pleased with the overall financial performance of our business and believe that Nisbets is in an ideal to position to maintain its growth and expand its market share.”
Nisbets currently operates in multiple countries worldwide, including the UK, France, Spain and Australia and now employs over 1,200 people.
As well as having a substantial catalogue and online business, Nisbets has grown its retail presence to 36 stores worldwide.
FEJ understands that the company’s retail strategy is far from complete, with a raft of new openings said to be in the pipeline after it most recently launched showrooms in Reading and Newcastle.