Subscribe to trusted local news
In a time of both misinformation and too much information, quality journalism is more crucial than ever. By subscribing, you can help us get the story right.
- Subscription costs less than £1 a week with an annual plan.
Already a subscriber? Log in here.
22
Dec
Boroughbridge firm Reed Boardall posts loss after key customer departs
Boroughbridge firm Reed Boardall has posted a £462,968 loss for the financial year ending March 31, 2025.
The temperature-controlled food storage and distribution company recorded £2.1 million profit the previous year.
The downturn was largely due to turnover declining from £67.1 million to £60.8 million. The accounts attributed this to “a large customer exiting”.
They added:
“It took some months to ensure both the smooth departure of the departing customer and the welcome of several new customers and therefore overall reduced the volume of landings and stock holding over the year.”
“The financial year ahead looks positive as the company continues to develop its strong position in the marketplace. The company is a subsidiary of a large group with plentiful cash reserves and we are therefore confident that it will have sufficient resources to continue to grow.”
Reduction in staff
The average monthly number of employees fell by 51 from 418 to 367 and staff costs fell from £13.1 million to £11.5 million.
Remuneration paid to the four directors — Marcus Boardall, Andrew Baldwin, Stevland Town and Sarah Roberts — increased from £568,853 to £578,461. The highest paid director received £150,000, compared with £149,044 last year, the accounts reveal.
Dividends totalling £146,520 were paid during the year.
Mr Boardall, the chief executive, said it had been a “tough year of reduced revenue”. He added:
The 12 months to March 2025 was a year of investment and exceptional costs as well as prior year revaluations that coincided in the same accounting period as an anticipated fall in revenue. The posted accounting loss reflects that timing.
In 2023 we were very close to capacity at our newly expanded facility in Boroughbridge. After losing the income from a large-volume client in 2024, the positive is that we have been able to replace a great deal of that business and restore profitability and utilisation levels in the last nine months of this year.
Chief financial officer Ms Roberts added:
The reduction in income and utilisation of the facility had an impact on both staffing and revenue levels in our 2025 financial year. The resulting exceptional costs, as well as continued capital investment to ensure our fleet and facility remains the most modern in the UK, resulted in accounting losses for that period.
As we approach the final quarter of this year, we are pleased with the resilience of the new business pipeline, and the attraction of new customers we were previously unable to work with due to limited capacity. The swift recovery of lost revenues has ensured we are on track for a much more positive performance in the year to 31 March 2026.
Reed Boardall was established in 1992 by Keith Boardall and is based on a 55-acre site in Boroughbridge.
The privately-owned firm is one of the largest temperature-controlled food distribution businesses in the UK with a fleet of 200 vehicles.
Last year the business delivered over 12,000 pallets of frozen food.
0