Home Sea food Pandemic impact on hospitality industry hits Sykes Seafood Group’s sales and profits

Pandemic impact on hospitality industry hits Sykes Seafood Group’s sales and profits

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The impact of Covid-19 on the hospitality sector reduced turnover and pre-tax profits for the company behind Sykes Seafood in its last financial year.

ADRD Holdings reported revenue of £107.7 million for the 12 months ending March 27, 2021, compared to £136.5 million for the 15 months ending March 28, 2020.

Its pre-tax profits also fell from £4.3 million to £64,000 over the same period.

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A statement signed by the board said the decline in its pre-tax profits was due to the impact of Covid-19 on the hospitality sector.

Sykes Seafood was founded in 1862 and has bases in Knutsford and Liverpool.

The statement from SARD Holdings added: “The directors consider the coming financial year to be another year of growth, as the Covid-19 crisis hopefully draws to a close.



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“The directors believe that the group is well placed in terms of strategic and market position to maximize its ability to generate sales and meet customer demand.”

The company secured a CBIL of £9 million in August 2020 to “ensure the group had sufficient headroom to replenish inventory and pay suppliers during the long period of uncertainty associated with Covid- 19 and Brexit”.

The group subsidiary Igloo Foods was dissolved by voluntary delisting in June 2021 while Sykes Seafood acquired Ruskim Seafoods in November 2021.