Front line employees of Baxters Food Group shared a £2.2 million bonus pot as a thank you for their “outstanding commitment during unprecedented times”.
Boss Audrey Baxter said she was “extremely grateful” to the food firm’s workforce who kept its factories open throughout the pandemic, according to accounts for the firm filed at Companies House.
The 153-year-old company is famed for its tinned soup. Ms Baxter said people eating at home during various lockdowns drove “high demand” for the company’s products across Europe.
The firm also took part in the UK government’s care pack scheme to supply food to vulnerable and shielding people.
Annual performance ‘superb’
As a result, the Fochabers-based company said it enjoyed “superb” profits which more than quadrupled in the year to the end of 27 March 2021.
However, amidst the positive aspects of the company’s annual report on its performance in the year, it confirmed that its visitor centre in Fochabers would remain permanently shut and instead the company aimed to launch a “very exciting” ecommerce platform in 2022.
In February, it was revealed Baxters would shut its Highland Village visitor attraction affecting up to 30 jobs. Despite having welcomed more than 200,000 visitors a year at its peak, the firm said the impact of Covid on tourism and hospitality had made the shop, cafe and museum “untenable”.
The attraction included a recreation of the soup giant’s first shop, which was opened by George Baxter in Fochabers in 1869.
Fochabers closure ‘regret’
In her strategic report statement, Ms Baxter said it was with was “with regret that the difficult decision was taken to close the visitors centre in Fochabers in March 2021.”
She added: “This concludes the gradual closing of the retail business over several years.”
The closure cost the firm £500,000.
Ms Baxter, the great-granddaughter of founder George, has headed the business since 1992.
She said: “The period ended 27 March 2021 was remarkable for the group as it faced into the challenges caused by an unprecedented global pandemic.
“Despite the significant disruption to people’s personal lives all our factories remained open, and we continued to supply food to our consumers.
“I am extremely grateful to our workforce who made a significant contribution to a very successful year.
“The group achieved superb results from its core business, whilst acquiring two new businesses which will play a large part in the future growth of the Baxters organisation.”
Two thirds of the company’s annual sales are now made outside the UK. The accounts revealed it paid £53.1 million in 2020 for Truitt Brothers, a US-based business that specialises in contract food manufacturing. It also revealed it paid £6.6m for London-based Orexis Fresh Foods in July 2020.
A spokesman estimates the company’s global workforce is now close to 2,000, up from 1,368 in 2020. It employs around 500 at its factory in Fochabers although its headquarters were shifted to Edinburgh from Moray in 2018.
Payrise for the boss
The company’s impressive performance was not just good news for staff. According to the accounts, the firm’s highest paid director of the enjoyed a spectacular 2.5 times increase in remuneration to £4.6m from £1.3m.
Sales in the year rose 7% to £332million, while pre-tax profits increased more than fourfold to £23.2m from £4.4m in the prior year.