Sales of Buckfast hit record high
Sales of Buckfast have hit a record high with further growth expected this year following the introduction of minimum pricing in Scotland.
The company which distributes the tonic wine said sales increased by 6 per cent to £45.2m in the financial year to 31 March 2018.
Latest accounts for J Chandler & Sons show operating profits increased by 8 per cent to £3.65m and the company also benefited from a £2m payout from a joint venture property development company.
As well as increasing sales in the UK, the company saw sales to the rest of Europe more than triple to £504,000.
The company said it expects a further rise in sales in the current year although expects profits will be affected by exchange rate fluctuations following Brexit.
Staff numbers dipped to 27 from 30 the previous year and the highest paid director received a £505,000 pay package, down from £518,000.
Buckfast – a 15% ABV drink – is made at Buckfast Abbey in Devon. During the year the company paid royalties of £3.3m to the Buckfast Abbey Trust, a charitable body which supports the order of Benedictine monks at the abbey.
Industry figures in November showed that sales of Buckfast had soared in the six months since the Scottish Government introduced a minimum price on alcohol although the latest figures filed at Companies House cover the period before the introduction of the move.