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


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.