Profits and turnover grow but Daylesford Organics still harvests a loss
By Andrew Merrell | 9th January 2020
Business is growing dramatically at possibly the county's poshest and most stylish organic farm business - but the owners have had to dip into their pockets to balance the books.
The Cotswold business, based on a 1,500-acre organic estate near Chipping Norton, saw turnover rise 14 per cent from £25,415,494 to £29,018,982 in the year to the end of March 2019.
And profits were also up - 16.7 per cent from £9.4 million to £11 million.
Founded by Lady Bamford, wife to Conservative peer Lord Bamford, the billionaire chairman of JCB, the Cotswold operation has become a success story.
In November Punchline reported how its ambition continues to know no end, with planning won to convert a warehouse on the farm into a new two-storey gym and clubhouse.
It is award-winning and now a major employer in the Cotswolds, with more than 220 staff, but its costs are such that even after the aforementioned successes it has to turn cap in hand to its owners.
The company made a loss of £1,309,924 during the year ended 31 March 2019 and at that date the company's liabilities exceeded its assets by £21,670,957.
"Lord and Lady Bamford have confirmed that they will provide financial support to enable the company to continue as a going concern and pay its liabilities as they fall due for the foreseeable future, being a period of at least one year from the date of approval of these accounts by the board of directors," said Daylesford Organic's most recent accounts.
"On that basis the directors consider it appropriate to prepare the accounts on the going concern basis. The accounts do not include any adjustments that would be required in the event of the withdrawal of this support."
Daylesford is a subsidiary company of London-headquartered BHoldings.
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