Group Strategic Report

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For the period ended 31st December 2023

The Directors are bound by their duties under the Companies Act 2006 (the “Act”) and understand each duty is in the interest of the overall success of the Company. This statement sets out how the Directors have regard to the matters set out in Section 172 of the Act whilst undertaking their roles, including but not limited to the:

a) likely consequences of any decisions in the long-term;
b) interests of the Company’s employees;
c) need to foster the Company’s business relationships with suppliers, customers and others;
d) impact of the Company’s operations on the community and environment;
e) desirability of the Company maintaining a reputation for high standards of business conduct; and
f) need to act fairly as between members of the Company.

Engagement with stakeholders

The Directors consider the core stakeholder groups to be its shareholders and the employees, customers, suppliers and local communities of the entire group of companies that it owns. As part of its ongoing activities of engaging with stakeholders, the Directors have undertaken the following activities in 2023:

Engagement with suppliers, customers and others

The Company recognises that its strategic relationships with suppliers, customers, and all internal and external stakeholders play a crucial role in driving and sustaining the organisational culture across the group. The management team is committed to consistently providing high-quality service to customers by harnessing the creativity and expertise of its employees.

Throughout the year, the business has established several meaningful charitable partnerships, with a primary focus on collaborating with the Boparan Charitable Trust.

Long term Impact

The Board regularly updates the Group and its shareholders on current business affairs and in doing so, considers the long term consequences of the decisions made. All decisions are reasoned and challenged at Board meetings before being finalised in order to ensure that their impact is well considered.

Employees

The Group’s strategy focuses on people and their well-being. The people are integral to making the Group a great place to work, so all colleagues are valued and recognised, whether that is in an office, a warehouse or at home. The Directors believe that genuine, lasting success is only possible through valuing people the way it values other key stakeholders and this is fully recognised at Board level.

    Engagement with employees

    Throughout the period, the policy of providing employees with information about the Group was implemented through internal communication channels. Employees were encouraged to present suggestions and views on the Group’s performance. Regular meetings between local management and employees facilitated the free flow of information and ideas.

    To promote employee engagement, the company has undertaken significant measures, including obtaining accreditation from the Living Wage Foundation for all its business operations. This ensures that employees receive fair compensation and fosters a positive work environment. Additionally, there is a suggestion/idea/comment scheme in place, routed directly to the Chief Operating Officer, further facilitating employee engagement through involvement and ownership.

      Disabled employees

      The Group embraces diversity and encourages equal opportunities amongst our workforce. Full consideration is given to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a disabled person. Where existing employees become disabled, it is the Group’s policy wherever practicable to provide continuing employment under normal terms and conditions and to provide support, training, career development and promotion to disabled employees wherever appropriate.

      Furthermore, we are committed to a diverse and inclusive work environment and helping our employees gain skills that support their personal ambitions and drive the business forward.

      Customers

      The Board have developed a Customer Engagement Strategy designed to meet the specific requirements of each individual customer. This engagement takes many forms:

      • Structured engagement includes customer feedback, key performance indicators and engagement days centred on key industry issues or customer specific issues.
      • Informal engagement occurs at multiple levels within the Group, including everyday interactions at the operational level. The insights derived from these engagements furnish the Board with valuable insights into how customers perceive the Group’s performance, enabling adjustments to behaviours that contribute to the overall success of the strategic partnership.

      Adapting to Evolving Customer Dynamics

      The Group’s strategy was conceived to establish a framework of initiatives spanning all business and functional units, responding to shifts in customer behaviour and the rapid pace of technological advancements within the sector. A pivotal element of this strategy revolves around providing customers with a comprehensive range of services, encompassing the integration of innovative technologies into their supply chains. This approach enhances productivity, efficiency, and expands the spectrum of services that the company can offer, encompassing the delivery of value-added services.

        Suppliers

        The Board holds the view that cultivating enduring and sustainable partnerships with suppliers, spanning both SM Es and multinational entities, stands as a fundamental aspect of securing the necessary goods and services for seamless business operations. This approach also opens pathways to supplier-driven creativity and innovation, enabling the Group to surpass expectations and provide customers with a superior level of service.

        By adhering to principles of fairness and embracing industry best practices, the Group ensures that its procurement strategy delivers mutual benefits while maintaining impartiality. This commitment to equitable treatment and excellence ensures that the acquisition of goods and services not only benefits both parties involved but also upholds a standard of impartiality.

        Communities and Environment

        The Board acknowledges the escalating significance of the Group’s environmental impact and places heightened emphasis on endorsing eco-conscious practices. These efforts encompass various measures, including the substitution of energy-intensive refrigeration compressors with more efficient alternatives, exploration of eco-friendly energy sources, vigilant oversight and regulation of energy consumption, and meticulous monitoring of refrigeration control equipment to promptly address plant-related issues or changes, leading to reduced energy usage.

        Furthermore, the implementation of policies related to electric or hybrid vehicles and the establishment of charging stations at our sites contribute to our green endeavours. A green ethos pervades our warehouses and offices, emphasized by initiatives to promote recycling, and diminish plastic usage. The Group passionately believes that these actions not only foster a positive corporate presence within local communities but also underscore our role as a responsible employer.

        The Group has embarked on a Net Zero Carbon program, meticulously curbing and offsetting C02 emissions. The Board also champions affirmative engagement with the local community, encompassing charitable contributions, community projects, and initiative-taking involvement. This commitment extends to motivating employees to actively participate in community-oriented endeavours, fostering a culture of positive impact beyond our organizational boundaries.