T&R Theakston has reported continued growth in its latest annual report for the year ending 31st December, 2023, despite a tumultuous year for the industry.
T&R Theakston chairman Simon Theakston
The family-controlled business, which has been brewing beers in Masham for almost 200 years, recorded a pre-tax profit of £248,000 for the period, an increase from £18,000 in the previous year.
The increased profitability comes as the business also saw turnover increase by 21% to £8.2 million in the same period. This was despite the challenges of inflationary pressure on production costs, increased operational expense for customers, and consumers feeling the pinch on their disposable income.
The report highlights that, although the business felt the effects of these issues, it achieved market share growth across all trade channels in 2023, with its two largest brands, Theakston Best and Theakston Old Peculier, both achieving volume growth.
It notes that the business’s approach to taking a longer-term view of its pricing and avoiding knee jerk increases had supported this growth, with consumers keen to secure a quality product at a fair price.
This growth is being supported by investment from T&R Theakston into its operations, appointing the company’s first director of finance, Scott Everett, and expanding the sales team in the North over the last year.
“We’re pleased to report an increase in profitability, as demand for our high-quality beers amongst customers in both the on- and off-trade markets is high,” said T&R Theakston chairman Simon Theakston.
“The last 12 months have proved to be a pivotal year for the business as we continue to navigate towards our 200th anniversary, and we’re pleased to see that demand for cask ale has endured, with volumes growing by 5%.
“The increased availability of our beers in both the on- and off -trade, alongside Old Peculier’s triumphant return to the American market after a ten-year absence, as well as the launch of exciting new products, including our 3.4% ABV Theakston Quencher, have meant we’ve been able to continue our steady growth.
“Quencher, a hop-forward cask ale, was designed to meet the demand for lower-alcohol beers and has gone from strength to strength since launch, now becoming our third best performing cask beer. This, alongside the continued strong performance of Old Peculier and our other brands has really underpinned our growth.”
Looking to the future, the report notes that the business is optimistic, thanks to the performance of its new and existing brands. Whilst Theakston Quencher has quickly become one of the firm’s top performing beers since its launch, Old Peculier also continues to grow its market share.
Simon added: “With a healthy balance sheet and secure financial arrangements, we remain focused on growing our revenue and are excited about what’s to come this year. Having renewed our sponsorship of the Old Peculier Crime Writing Festival until 2030 and agreed to host the main bar of the Great Yorkshire Show, we are all looking forward to meeting customers old and new as we continue to grow the Theakston community.
“The results of last 12 months show the benefit of constant evolution rather than revolution, and I’m pleased to say that as well as making changes to the executive leadership of the company, with Richard Bradbury becoming the sole managing director and the appointment of Scott as director of finance, that we have also welcomed the sixth generation of the family to the business, my son, William Theakston.
“As a result of our strong start to 2024, the board of directors are confident that the pace of growth, which has been steadily increasing post-Covid, will accelerate this year thanks to our strong brands and our solid business foundations.”
The brewery has had successful start to 2024 securing new listings for its Hairy Biker’s Triple Hop beer in Waitrose, as well as expanded listings for Old Peculier and the launch of Quencher into Booths supermarkets.
