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R&R is cream of UK’s growing businesses
by Lauren Pyrah - 19/04/2011
"A YORKSHIRE food company has shown it is the cream of British industry after being pronounced the UK’s fastest growing business."
R&R Ice Cream, founded as Richmond Ice Cream in 1985, now has eight factories in four countries and makes 750 million litres of ice cream a year.
It has topped The Sunday Times’ Profit Track 100 list, which measures company profits over the past three financial years and reports R&R’s profit is up 210.22 per cent on average per year.
Clients include European retail firms Tesco, Aldi and Asda, and the business also produces Nestle brands, such as Kit Kat, Aero and Fab.
The company also manufactures household names Lyons Maid, Skinny Cow and the Thorntons range of ice creams.
The company’s founders, Jonathan Ropner and James Lambert, who is now R&R’s chief executive, set up the company after buying Yorkshire ice cream factory Cardosi.
By the late Nineties, Richmond had acquired a number of competitors, going public in 1998 after merging with the Treats group.
In 2006, American private equity firm Oaktree Capital Management paid £183m for the public-to-private purchase of Richmond, and then merged the North Yorkshire company with Italian- German ice cream producer Roncadin.
Profits initially reduced following the merger, due to the combination of a wet summer and rising cost of the ingredients.
But the company’s profits have gone from strength to strength since then, after it negotiated price increases, improved efficiency and made more acquisitions, most notably Kelly’s of Cornwall in 2008.
The group’s profits rose 210 per cent a year from £1.5m to £43.4m in 2009.
The group is continuing to acquire other companies, last year buying French ice cream manufacturer Rolland.
The group issued £300m of bonds and has more acquisitions in the pipeline.
It is aiming to increase sales from £368m to at least £500m.
Also named among The Sunday Times’ Profit Track 100 list was Middlesbroughbased pawnbroker and jeweller Ramsdens.
The company, founded by Herbert Smith with one store in Stockton, Teesside, in 1987, opened its 80th site last year offering cheque cashing, payday advances and buying broken and second-hand gold.
It launched gold-for-cash website, Got Gold Get Cash, which was responsible for ten per cent of sales in 2009.
Now run by the founder’s son, executive chairman Stewart Smith, the company’s profits have grown by an average of 132 per cent a year from £649,000 in 2006 to £8.1m in 2009, ranking it as number eight on The Sunday Times’ list.
More Details: http://www.thenorthernecho.co.uk/business/8980645.R_R_is_cream_of_UK___s_growing_businesses/L
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