Challenging year puts British Honey in sticky situation

British Honey has released its audited accounts for 2021 in what it said was “a challenging year and one of significant change for the company”.

Losses at the Buckinghamshire-based business were almost £12 million.

An impairment charge of £7.91 million against the value of Union Distillers, which British Honey bought in February 2021, was driven by the going concern statement contained in the 2021 accounts and the directors took a prudent view on the goodwill and intangibles of Union.

This year the company has also exited both interests in List Distillery in USA and in its Tusmore whiskey joint venture.

Oxfordshire-headquartered British Honey Company is a UK based producer of spirits, honey and jams. It began trading in November 2014 initially focused on honey production and, later, expanding into honey infused spirits. The company currently produces 13 honey products and 16 spirits including gin, vodka, rum and whiskey, many of which have won awards in the UK and abroad.

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With the new Board being constituted in October 2021, all of the Company’s financial and commercial commitments at the time were reviewed and their contribution to Group strategy carefully evaluated.

The Board also took the decision after the year-end, to close its Worminghall site and consolidate all production into the Market Harborough distillery, resulting in significant  annualised cost savings of over £1m.

The Group is now looking to fully integrate the British Honey Company and Union businesses and significant progress is being made in this regard.

British Honey Company‘s Chairman, Richard Day, said: “Finalising the 2021 Accounts has been a long process but now allows us to look forward with a clear base and a settled business alongside the recently announced additional funding having been  secured. The underlying operations of the Group are now in a stronger position and we are working closely with our supportive customers to deliver our products. We look forward to providing further details on our trading early in the New Year. ” 

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