Profits have increased three-fold to £315k at premium pie maker Pieminister as the expansion of its restaurants and new retail launches helped sales grow 17% to £10.7m in the year to 31 March 2016.
Three new outlets, in Leeds, Nottingham and Bristol, took the portfolio to 11-strong, with five more sites earmarked thanks to a £1.4m HSBC funding package agreed in May 2016.
Pieminister also hopes to increase distribution of its gluten free range across the supermarkets in the new financial year.
Founders Jon Simon and Tristan Hogg said NPD continued to play an important part in the growth of the business.
Pieminister responded to increased consumer demand for free-from food products by developing two premium gluten-free pies last year, gaining listings for both in Waitrose.
It has now added a third pie to the range this month – also available in Waitrose – with all three joining the core range online through Ocado from next week.
“Within the multiple sector, looking carefully at our distribution strategy has played a key part in our growth as we work closely with retailers to get the right range in the right stores,” Hogg and Simon said.
“We’ve targeted distribution based on regional awareness and store affluence to achieve strong commercial performance. This focused approach has secured a range of listings with Co-op and Morrison’s, as well as range increases in Waitrose.”
Pieminister also has listings with Wholefoods, Booths and Tesco.
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