Neal’s Yard Dairy, a London-based cheese specialist, experienced a drop in profit in the year prior to falling prey to a £300,000 cheddar theft.
The Southwark-based firm made headlines in October 2024 when fraudsters, posing as legitimate wholesalers, received 950 clothbound cheeses from the business before the management realised they were a bogus company, as reported by City AM.
At the time, Neal’s Yard Dairy stated it had compensated the cheese producers so that the individual dairies wouldn’t have to shoulder the costs.
Last autumn, it was reported that over 22 tonnes of artisan cheddars Hafod Welsh, Westcombe and Pitchfork – valued at more than £300,000 – had been stolen.
Recently filed accounts with Companies House reveal that Neal’s Yard Dairy’s pre-tax profit fell from £1.3m to £664,571 in the 12 months leading up to 30 June 2024.
The results also indicate an increase in the firm’s turnover during the same period, rising from £15.3m to £15.6m.
Its UK turnover increased from £10.4m to £11.3m within the year, but its sales in North America dropped from £3m to £2.4m and from £1.6m to £1.5m in Europe.
Turnover in the rest of the world remained steady at £279,466.
In the accounts, Neal’s Yard Dairy stated that its results for the latest financial year “were in line with management expectations.”
Neal’s Yard Dairy eyes a stable profit level
A statement endorsed by the board read: “The external commercial environment is expected to remain competitive, however, the directors remain confident that the company will maintain the current level of performance in the future and maintain its profit before tax at least at the current level.
“As of today, the results are in line with management’s expectations.”
Neal’s Yard Dairy’s financial statements were approved on 12 June and submitted to Companies House on 16 June.
In an Instagram update shared when the theft occurred, the firm stated: “The theft involved a fraudulent buyer posing as a legitimate wholesale distributor for a major French retailer.
“Despite the significant financial blow, we have honoured our commitment to our small-scale suppliers and paid all three artisan cheesemakers in full.”
