One year after losing its founder to cancer, turn-around investment firm Volvere has announced net profits of more than £2.7m, returning to the black.
The AIM listed company, which owns frozen pie producer Shire Foods, saw bumper growth over the past 12 months, after suffering losses of £600,000 in the year prior.
CEO David Buchler said the business was settling into “a new normal” after his brother and founder of the firm, Jonathan Lander, died from a rare form of bone cancer in August 2023 aged just 55.
Buchler said: “As shareholders will know, the loss of my brother and business partner, Jonathan, in August 2023 was a blow not only to the group but to all that knew him.
“The passage of time has allowed us all to settle into a new norm, supporting one another throughout to build on Jonathan’s legacy.
“I am enormously grateful to the team that have been steadfast in pushing our business forward whilst themselves undoubtedly carrying a sense of sadness and loss.
“It is, therefore, with much pleasure that we report a year of excellent financial performance.”
The strong performance was underpinned by Shire Foods, which bagged gross profits of £3.51m – up 44 per cent on 2022.
Volvere said it would look to re-invest a percentage of this profit into upgrading the company’s Leamington Spa factory and surrounding sites to increase capacity and efficiency.
In 2023 the company spent £790,000 on improving its operations, with a focus on offering a wider range of products and packaging options.
A spokesperson for Shire added: “ We want to be our customers’ supplier of choice through product innovation and quality and are focused on making products that end consumers will repeatedly purchase.
“Striving to be, and remain, at the forefront of our category is what keeps us challenged and we believe this, along with our strong financial position, enables our customers to feel confident in our ability to support their growth.”