Sports nutrition group Protein Works says its biggest investment yet in a £10m campus shows its commitment to the North West – and will help it grow into a £100m business.
Protein Works, which makes a range of “functional food” shakes, meals, and snacks, will consolidate five existing sites into one P.Works Campus in Speke, Liverpool, that is set to open in May.
The 100,000 sq ft site includes a food manufacturing centre and a Global Logistics Centre that will double the firm’s existing storage capacity and will be able to dispatch millions of units around the world each year. Protein Works has also invested £2m in the latest powder blending technology and research labs, and says the efficient new site will allow it to cut its food waste by half.
Bosses say the site will give Protein Works the ability to hit its £100m sales target. The business has more than 2 million customers and has sold more than 300 million shakes worldwide since its launch in 2012.
The most recent accounts for parent company Class Delta show turnover for the year to August 31, 2023, stood at £42.8m – up 39% on the previous year. Pre-tax profits soared from £2.2m to £6.5m.
Protein Works CEO Laura Keir said: “This investment is the single largest investment from the business to date and will bring practical and cultural benefits to the business and its employees.
“The P. Works Campus incorporates the latest thinking in workspace concepts aimed at supporting staff wellbeing and driving proactive collaboration. All of which are key to developing a high-performance culture. Equally, we have a hub of great amenities right on our doorstep on Speke Boulevard for anyone wanting to take time out.”
She added that the move was a milestone for the business and said it “puts Protein Works on the map as one of the Ƶ’s most ambitious functional food brands.”
She said: “We see the move as a blueprint for expansion, as we future-proof the business’s physical capabilities for many years to come.”
“Our growth in recent years has been a testament to our team, and being based in the North West is a key part of Protein Works’ DNA, so we felt it was important to have that continuity, whilst also driving the business forward. The new location allows us to do all that. When you’re a fully integrated enterprise that combines product development, food manufacturing, marketing and technology into one business, it’s important that different parts of the business can collaborate at pace. Being together on one campus creates those synergies.”
Director of product strategy and innovation, Kyle Crowley, said: “We delivered over 3 million units to our customers last year, and we’re set to double that number over the next 3-4 years. Product innovation is a key commercial lever in our growth plans.”
He added: “This investment will allow us to scale aggressively and profitably, whilst also increasing product quality to our customers around the world. It’s a key part of our strategy and vision for the next 5 years.”
Chief supply chain officer Stuart Barber says the company’s logistics platform is inspired by those run by giant brands such as Muller and Arla.
He said: “The thinking behind the final execution for our Logistics Centre is the most detailed and data-centric I’ve ever seen. If there’s a way to enable our incredible fulfilment teams to deliver even a 1% improvement in efficiency, we’ll find it, our BI teams will substantiate it and our people will deliver it.”
Protein Works has been backed by YFM Equity Partners. Its head of portfolio, David Bell, said: “This is an exciting investment for a brand making huge strides in its industry. Protein Works’ team has taken the business from strength to strength in our five years with them, growing revenues close to £50m and doubling its EBITDA YoY. That type of performance has allowed the business to self-fund this move and secure its future in the exciting and growing market of functional foods.”
Jon Thorne, director at property manager B8RE, said: “Securing this pre-let to a high-calibre occupier during the construction phase underlines the strength of the offer at Speke 100 both in terms of location, size and quality of the build. Despite the challenging economic conditions, it’s very encouraging to see businesses like The Protein Works expand, creating significant opportunities and reinforcing Speke’s reputation as a hub for industrial innovation.”
The North West is a hub for sports nutrition brands. Manchester's THG Nutrition owns Myprotein, which it calls the "world’s largest online sports nutrition brand", while last month Liverpool's Applied Nutrition with a valuation of some £350m.
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