Our Business Model
- In this section
WHAT WE DO
We develop, manufacture and distribute a wide range of chilled, ambient and frozen convenience food in the UK.
Greencore’s central purchasing team in the UK sources from 3,600 different suppliers and has strategic partnerships with its largest suppliers.
Nearly two-thirds of Greencore’s total purchasing spend is on ingredients, with the remainder being spent on packaging and other items.
Suppliers across the UK3,600
Greencore’s highly skilled team of development chefs and product developers are constantly creating new and interesting food ranges, based on key consumer needs and customer requirements.
Different products produced, UK FY182,300
New to market products, UK FY1835%
Greencore operates 15 highly efficient manufacturing facilities across the UK, many of which have multiple manufacturing units – each specialising within specific product categories, including chilled ready meals, chilled soups and sauces, chilled quiche, ambient sauces and pickles, and frozen Yorkshire Puddings.
On time delivery and product availability is important to Greencore’s customers and consumers. Greencore’s planning and supply chain teams ensure that the right products are at the right location at the right time.
Greencore’s category management team works closely with customers to ensure in-store availability of products to meet consumer requirements and expectations. In this regard Greencore holds strong category leadership positions with many of its customers.
Greencore average service levels, UK FY1898.3%
Greencore supplies primarily multiple retailers and convenience stores throughout the UK. To facilitate this Greencore operates its own chilled HGV fleet with 25 units, completing up to 65 main depot deliveries each day.
Greencore has built a strong ‘Direct to Store’ operation, comprising 17 distribution centres, six picking depots and a fleet of 374 vehicles making 7,500 daily convenience store deliveries, distributing 270m units annually.
Daily convenience store deliveries
Daily convenience store deliveries7,500
Number of delivery days each year, UK364
The very nature of the product categories in which Greencore operates demands a high degree of operational and commercial flexibility to fulfil our customers’ needs. Product orders are placed just-in-time, and this requires a high level of responsiveness and agility across our teams. The need to adapt and innovate flows through all The Greencore Way principles and is reflected in our culture.
How we do it
Our vision is to be a fast-growing leader in UK convenience food. Our core expertise is in manufacturing processes that are high-volume and high-touch (people intensive) and in environments that are high-care (in terms of complexity and food safety). We supply grocery and other retailers, including all of the major supermarkets in the UK.
All underpinned by the principles of The Greencore Way: People At The Core, Great Food, Business Effectiveness, Cost Efficiency.
We are focused on attractive and structurally growing categories and formats in convenience food.
Our business primarily operates in the attractive convenience foods sector in the UK.
We operate in food to go categories as well as activities in complementary convenience food categories.
Our products are manufactured for grocery and other retailers, including all of the major UK supermarkets.
These are driven by positive customer and channel dynamics and underpinned by convenience and health trends.
We employ c.11,300 talented, committed and experienced people across our UK and Irish operations.
A WELL INVESTED OPERATING NETWORK
Greencore operates 15 highly efficient manufacturing sites across the UK and a Direct-to-Store distribution operation.
EFFICIENT COST CONTROL
Our programme of continuous operational improvement provides us with an effective and cost efficient platform to ensure we create value for our customers and for our business.
A BROAD RANGE OF RAW MATERIALS
We use approximately 9,000 different ingredient and packaging materials, from UK and international sources, to produce our customers’ convenience food products.
SECURE AND SUSTAINABLE LONG-TERM RELATIONSHIPS WITH SUPPLIERS AND PRODUCERS
We work with approximately 3,600 trusted suppliers across the UK and Ireland.
PRUDENT FINANCIAL MANAGEMENT
We maintain a strong balance sheet and debt profile, with prudent, relatively low levels of financial risk and a target medium term leverage ratio of 1.5-2.0x Net Debt to EBITDA (as measured under financing agreements).
Improving cash flows are generated by a growing profits base, tightly managed working capital and normalising capital expenditure levels.
WE ARE A LEADER IN STRUCTURALLY ADVANTAGED CATEGORIES
We lead across a number of convenience food categories.
WE HAVE BUILT MANY LONG-TERM CUSTOMER PARTNERSHIPS
We have become a trusted supply chain partner with our customers, with specific sets of products and bespoke solutions for each of our customers.
WE ARE HIGHLY REGARDED EXPERTS IN ALL ASPECTS OF FOOD MANUFACTURING
Greencore creates Great Food by delivering industry-leading food safety and technical standards, innovating in recipes and technologies, and investing to understand consumers’ tastes and preferences.
WE HAVE AN EFFECTIVE OPERATIONAL FRAMEWORK
Our investment in supply chain capabilities, our constant focus on operational improvement, and our expertise in labour management allow us to excel in high-touch processes of often complex product assembly.
WE LEVERAGE OUR SCALE
Our well invested network of 15 manufacturing facilities provide the scale for high-volume assembly-led manufacturing across multiple temperature regimes.
WE ARE AGILE, RESPONSIVE AND ADAPTABLE
In what is a dynamic marketplace, we apply a high level of insight and attention to developments from a consumer, customer, operations, economic and strategic perspective.
HELPING OUR CUSTOMERS OUTPERFORM
Deepening our long-term partnerships with key customers enables them to grow their business.
GROWTH FROM EXISTING CATEGORIES
Our convenience food categories are driven by positive long-term structural dynamics.
BROADENING OUR CHANNEL MIX
We work with existing and new customers in multiple channels reflecting the dynamic nature of consumer demand for convenience food.
EXPANDING OUR PRODUCT RANGE
Our innovation capabilities, strong customer relationships, and flexibility to adapt allows us with develop new products and formats.
STRONG OPERATIONAL EXECUTION AND EFFICIENCY
A programme of continuous operational improvement, underpinned by a strong culture of cost efficiency, reflects our emphasis on maintaining an effective infrastructure to create value for our customers and the business.
EXECUTING ON VALUE CREATING INITIATIVES
We have a strong track record of executing multiple strategic initiatives to drive organic and inorganic investment. Organic investment includes partnering with customers on key strategic projects to develop new capacity and capabilities.
PEOPLE AT THE CORE
People at the Core is at the centre of The Greencore Way, the model that defines who we are and how we succeed.
Efficiently using and respecting all resources.
Doing the right thing for our industry and communities.
Building effective and transparent supply chains.
Delivering excitement, intimacy, growth and trust.
Delivering industry leading economic performance.