NBC’s group profits rose by over 60% and group revenue increased £27.3m, the buying group’s members were told at the recent AGM.
The addition of four new wholesaler members – Candy Hero, Marion Trading, One 4 the People, and Precision Wholesale – added to the growth, with to managing director David Lunt chairman David Longfellow explaining that rebates returned to members has now reached £6.1m since the groups’ inception in 2019.
Lunt said: “We are confident that with continuing collaboration between our group and our supplier partners that this will continue during the course of 2023. As a result of the hard work and persistence from everyone involved, we are able to declare a dividend to all shareholders, which ensures we deliver upon our promise of NBC membership being an investment, not a management fee.
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“All of our member shareholders can now be confident that their initial share investment is showing both a good dividend yield and capital growth. And of course, by working closely with our supplier partners, we are ensuring that their brands reach the consumers they want to reach in the trade channels we serve”
Longfellow added: “Since we started in 2019 we have had to deal with a number of challenges to both the group and its individual shareholder members, and if nothing else the opportunity to show confident results has shown great resilience from our members. But perhaps more importantly, it states very clearly that collaboration between members and suppliers, facilitated by the buying group, is a confident and safe way of doing business now and in the future. This is a great period in the group’s development”.