A North East drinks and gifts group has posted record revenues despite what it described as a “challenging” economic backdrop.
Directors at Annfield Plain-based Lanchester Group said the year ended June 2022 was one of the most trying in its 42-year history, with Covid-19 challenges, costs and supply chain issues combining to test all of the group’s companies. Despite the challenges, the group – which includes Lanchester Wines, Greencroft Bottling, Spicers of Hythe, The Wine Fusion, Lanchester Energy Ltd, Lanchester Properties Ltd, Bon Bon’s Wholesale and Full Circle Brew Co – is forging ahead with the development of a new £20m bottling facility which, when complete, will be able to bottle more than a quarter of all UK wines.
Consolidated accounts show the group’s turnover rose from £109m to £127m in the period, although Ebitda dipped from £10.5m to £9.6m, predominantly due to increasing cost of goods and transport. Tony Cleary, owner and director of the Lanchester Group alongside his wife Veronica, said: “The last financial year has been one of the most challenging in our history, the combination of the pandemic, wars and supply chain issues has created a perfect storm for all businesses. It’s a testament to the group’s diverse businesses and the outstanding talent of our staff that we’ve managed better than most, but our profitability has taken a hit.
