Neal’s Yard Dairy: Profit fell before £300,000 cheddar heist
Profit at London cheese specialist Neal’s Yard Dairy fell in the year before it fell victim to a £300,000 cheddar heist.
The southwark-based company hit the headlines in October 2024 when fraudsters posing as legitimate wholesalers received the 950 clothbound cheeses from the business before bosses realised they were a fake firm.
At the time, Neal’s Yard Dairy said it had paid the producers of the cheese in order for the individual dairies not having to bear the costs.
It was reported last autumn that more than 22 tonnes of artisan cheddars Hafod Welsh, Westcombe and Pitchfork – which were worth more than £300,000 – had been taken.
Now, new accounts filed with Companies House have revealed how Neal’s Yard Dairy’s pre-tax profit declined from £1.3m to £664,571 in the 12 months to 30 June 2024.
The results also show the firm’s turnover increased over the same period from £15.3m to £15.6m.
Its UK turnover rose from £10.4m to £11.3m in the year, but its sales in North America fell from £3m to £2.4m and from £1.6m to £1.5m in Europe.
Its turnover in the rest of the world remained flat at £279,466.
In the accounts, Neal’s Yard Dairy said its results for its latest financial year “were in line with management expectations”.
Neal’s Yard Dairy eyes a stable profit level
A statement signed off by the board said: “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 accounts were signed off on 12 June and filed with Companies House on 16 June.
In a post on Instagram shared at the time of the heist, the company said: “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.”