Riverford, the organic vegetable fund company owned by employees, will be rewarded with a 1.3 million pounds of £ 1.3 million after seeing pre -tax profits more than 5.3 million pounds.
With sales increase by 110 percent to 110 million pounds for the year until May 4, 2024, each of the employees of more than 1,000 employees will receive about 1,000 pounds, an increase of a total payment of 500,000 pounds last year.
Riverford was founded in Devon in the late 1980s by Guy Singh-Watson, Riverford initially supplied vegetables to supermarkets before offering products to about 30 families of the old Citroën in 1993. Today, the company competes with the proverbs of Abel & Cole and OdBox, More than 70,000 boxes during peak periods and fragmented themselves with ethical practices-STFF receives at least the real living fee and participate in commercial decisions.
Riverford attributes the improvement of the financial performance of loyal customers who spend more, with prices increased by 5.6 percent in mid -2013 amid high energy, fertilizer and employment costs. Despite the increasing competition from supermarkets, the company managed to “stabilize” after the breaking of the fall on the Internet subsided.
“More people who choose quality, organic foods, seasonal eating and fairness for farmers.” She added that the company tried to protect the basic elements from high prices “to maintain organic food that can be reached as much as possible”, even with an increase of 10 percent in the costs of real labor for wages by 2.7 million pounds.
After becoming the majority owned by employees in 2018, Riverford completed the move last year when Singh Watson sold his remaining 20 percent share compared to 8.5 million pounds. The company’s workforce, which is now in 1023, is participating in paying the greatest profits under the spirit of Riverford ownership.
In the future, the company continues to invest in sustainability by expanding its solar energy capacity to more than 1 megawatts across many sites, increasing its fleet of electric connection trucks and planting 10,000 trees. Turner expects these steps to enhance Riverford credit papers because they conflict with the increasing competition in the organic and moral food sector.