Nevilles restructures in the face of unprecedented market challenges

DSC_0393 crop
Nevilles is having to restructure following the coronavirus crisis.

Tableware specialist Nevilles has joined the catering equipment sector companies having to restructure its workforce following the coronavirus pandemic.

MD Andrew Neville detailed: “Nevilles is a successful company, and has overcome challenges throughout its 55 year history. The challenge that we, and our industry face at this time is unprecedented, so we have come to the necessary but difficult decision to restructure our business and a number of our team members have sadly left the business.”

However, he analysed: “We are optimistic that the hospitality industry will recover, and we are adapting to increase our relevance to the market during this recovery. The recovery will unfortunately take considerable time, so in order to protect and manage Nevilles at these new levels, we must take these steps.

Story continues below

“We remain committed to helping and serving our customers, and our approach has been to listen, adapt and respond to their needs, and we will continue to do so.

“Our vision remains to have a field-based sales team, who are able to support the work that our customers do within their territories, and enable them to grow.”

The company has now just opened its London and Manchester showrooms, which are taking bookings for both virtual and socially-distanced meetings.

Prior to this unprecedented year, Nevilles was in a strong financial position. In its just-published annual report for the 12 months to 31 December 2019, revenue grew 13% from £21.1m to £23.8m.

Likewise, operating profit was up by 6%, from £1.1m to £1.2m.

In the report at that time, director John Pompei reviewed: “Nevilles have delivered another strong performance in 2019, with sales increasing across our key customer sectors. Our distribution capability, enhanced in 2018 by the addition of our new customer fulfilment centre has helped us manage the growth and continue to provide an excellent service to our customers.

“Nevilles saw profitability increase in 2019 as predicted, with the focus on delivering profitable growth key for its ongoing success.”

He added: “New product development continued at a rapid pace during 2019 with four new launches throughout the year, increasing the ranges offered to our customers.

“The structure of the business is well-placed to manage challenges that we will be facing, and to achieve our long-term growth plans.”

Tags : businessfinancial resultsfinancialsnevillesrestructurerestructuringtableware
Clare Nicholls

The author Clare Nicholls

Leave a Response

Protected with IP Blacklist CloudIP Blacklist Cloud