Parfetts targets £1billion in turnover through name change
UK wholesaler Parfetts has announced that it will change its name to Go Local Wholesale as the business aims to bring its operations closer to its retail customers.
Taking effect from January, the transition marks a new chapter for the business, says Parfetts, as it becomes more aligned with its customers as it continues to push towards its target £1billion in annual turnover within the next two years.
Guy Swindell, joint managing director at Parfetts, said: “We are proud of our Go Local retailers and they are the heart of everything we do, so it is right that the wholesale business carries the same name and is more closely aligned with the customers we serve.
“We have grown strongly in recent years, but this is just the start. Our ambition to become a £1billion business will be built on the success of our retailers. We are investing in better value, competitive pricing, availability, delivery and more in-store support, while listening closely to retailers about what they need from us.”
This move comes as Parfetts sets itself the target to grow its symbol store estate from more than 2,000 stores to over 3,000 within the same time period, with the aim of having around 100 stores in Scotland.
Key to the expansion strategy and assisting retailers and suppliers will be the firm’s Go For Growth data-led digital platform and savvy use of AI for the likes of ranging, individual store planograms and social media.
The company is also working on a five-year strategy to grow its Go Local own-brand proposition from about 250 products to between 500 and 600. And with 350 delivered customers in Scotland already, opening a depot in Scotland is something Parfetts is bearing in mind.
But bosses say it is not just about the numbers as retailer and supplier relationships are a major focus, with Parfetts aiming to support store owners understand and embrace DRS, for example.
As the UK’s only employee-owned food and drink wholesaler, Parfetts recorded a turnover of £807million in its latest financial year, marking a 10.6% increase year-on-year. This strong performance led the firm to share its success with its employees by sharing a 10% bonus with all its staff.
Noel Robinson, joint managing director at Parfetts, said: “Being an employee-owned business is one of the things that makes Go Local Wholesale special. We are proud of our history, but we are no longer family-owned.
“We don’t have any shareholders in the stock market who want to take dividends our of the business. We can invest in our colleagues and customers in a way no other wholesaler can do, and this is our gold dust.
“Our colleagues are invested and care greatly about this business, and this is reflected in the phenomenal growth we have delivered. We have many exciting projects across new technologies, digital innovations and operational improvements in 2027, and I’m sure this will deliver real value for our customers and colleagues.”
