Marking its most successful trading year to date, the tofu manufacturer has announced its 2020 turnover was £14.7 million, a significant contrast to its first year of trading in 2016, when Dave Knibbs and Lydia Smith acquired the business, where turnover was £600,000.
The Tofoo Co. is now the third largest brand in the chilled meat-free market and has ambitious growth plans for next year; an investment in staff and resources will see the company increase turnover to £20 million by the end of 2021.
David Knibbs (pictured, with co-owner, Lydia Smith), founder and managing director of The Tofoo Co. said: “In the last four years we’ve been on a mission to share with consumers, the incredible ingredient that is tofu. Through consistent innovation and a strong brand presence, we’ve built a very loyal consumer base that enjoys making delicious and wonderfully unexpected meals using The Tofoo Co. products.
“Consumers have fallen in love with our products and as a result, January 2020 was the start of a very successful year, when the brand turned over a record £1 million in just one month. Throughout the year we’ve surpassed this total and in November 2020, celebrated sales of £1.4 million.
“This Veganuary we’re planning to replicate the same success we’ve experienced in the chilled sector, in the frozen category by launching Tofoo Chunkies. Our entry into this market is part of our quest to make tofu more accessible.”
The Tofoo Co. now employs 110 local people from its home in Malton and increased its factory capacity in 2020 by 70%, with the installation of a new soy milk cooker. Its core product, the Naked block is stocked in every Tesco, Co-op, Waitrose & Sainsbury’s store across the country.