Liverpool city region grower, importer and exporter of fresh food Nationwide Produce reports record revenues of £186.3m despite boss Tim O’Malley saying ‘I’ve never known it so wet’. Tony McDonough reports
Southport-based grower, importer and exporter of fresh food Nationwide Produce has reported another record financial year, despite “non-stop rain” in the UK and “supply chain chaos”.
According to annual accounts for the 12 months to May 31, 2024, just filed on Companies House, Nationwide saw revenues rise 5.5% to £186.3m and pre-tax profits up 66% to £3.54m.
Family-owned Nationwide, which started out as Bernard O’Malley & Sons almost 50 years ago, is based in Southport town centre. Last week LBN reported how founders Bernard and Joan O’Malley both sadly died within days of each other in October.
Both aged 88, the couple had been married for 65 years. Paying tribute their son Tim O’Malley, managing director of Nationwide, said: “In all that time they’d hardly spent a night apart. They’re back together now.”
Nationwide works across the entire fresh food supply chain – growing, grading, packing, trading, importing, and exporting fresh produce, including vegetables and fruits, from around the world. Tim’s brothers Patrick and Anthony are also senior directors.
In May 2023, LBN revealed the business had secured a £3.5m loan from Lloyds Bank to expand its warehouse capacity by 75%. It operates from storage and distribution depots in Evesham in the West Midlands, Kent, Belfast, Rotterdam and Almeria in Spain.
Employing more than 200 people, the firm also farms 550 acres of land in East Anglia, producing root crops. The funding enabled it to expand its warehouse in Evesham by 75% from 32,000 sq ft to 56,000 sq ft.
Writing in the annual report, Tim said: “It’s been another difficult growing season – two on the trot. I’ve never known it so wet. Basically, it didn’t stop raining in the UK from October (2023) to April (2024), while at the same time most of southern Europe, particularly Spain, suffered from drought.
“It’s also been too wet in Africa and El Niño has caused chaos to the supply chain in South America. This all meant short supply and high prices again but, as usual, our procurement teams coped admirably in exceptionally difficult circumstances.”
Tim expressed disappointment that a long-time joint venture partner, AH Worth, collapsed into administration. This left Nationwide with a seven-figure debt that was fortunately covered by trade insurance.
This also meant Nationwide picked up supermarket giants Aldi and Lidl as direct customers. Tim added: “It’s great to have them on board.
“Having these two major retailers now as direct customers and no longer having the endless complications of our onion-packing business being in an awkward JV has given us the confidence to increase our investment to £5m in the site we own at Long Sutton.”
According to the accounts Nationwide employed 218 people during the year. Directors’ remuneration, including salaries and pension payments, totalled £2.8m with the highest paid director receiving £336,657. Total dividends paid out came to £250,000.