March 7 2014 Latest news:
Wednesday, December 18, 2013
A leading international food and drink group, whose headquarters is in the Fens, has achieved record sales in the last year.
Princes, which employs more than 1,000 people locally, achieved record sales of £1.74bn, according to its latest report and accounts.
The firm, which employs 476 people at Wisbech and 590 people at Long Sutton is the country’s largest supplier of canned food and, based on its previous year’s financial performance, now ranks as the 10th largest food and drink company in the UK.
The company grew sales by 15% during the year - 2012 it was £1.51bn - and generated a profit after tax of £40.4m.
In 2012 it was £31.1m.
Over the past three years the firm has acquired two major canned food production sites in East Anglia and formed a new company in Italy that operates one of the most modern and efficient tomato processing, canning and packing sites in Europe.
The company currently operates 14 production sites and employs more than 6,000 people.
Ken Critchley, Princes Managing Director, said: “We have responded to changing consumer needs with innovative new products for every meal occasion and, by expanding our distribution into more countries, we are reaching more shoppers.
“Over the past three years, Princes has grown its sales by 47% and has employed an additional 1,350 people across its international operations.”