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How We Create Value

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How We Create Value

We have a proven and sustainable business model with the customer at its heart. This enables us to create value for all our stakeholders.

OUR KEY RESOURCES
OUR BUSINESS MODEL
OUR VALUE CREATION
OUR KEY STAKEHOLDERS

Our Key Resources

c.18,000

colleagues

c.1,300

suppliers we source from

>3,000

products across the Group

£44m

capital invested in 2023

43

sites across UK,US and China


Our Business Model

Business Model Wheel

Underpinned By Our Values

Respect and trust each other
Respect and trust each other

Respect
and trust
each other

Treat each other fairly and include everyone - we’re all on the same side

Care for and support each other to achieve our goals

Build confidence and have trust in one another

Listen to each other and recognise everyone's contribution - we can all make a difference

Keep the customer at the heart of what we do
Keep the customer at the heart of what we do

Keep the
customer at
the heart of
what we do

Always value and protect our customer partnerships

Maintain our commitment to the highest standards of food safety, integrity and quality

Innovate to help customers stay ahead

Stay agile and work together with our customers to anticipate future needs

Get it right,keep it right
Get it right,keep it right

Get it right,
keep it right

Uphold our standards and be consistent every day

Stay safe and look after ourselves and each other

Take responsibility for the impact of our actions on the environment and in our communities

Be fit for the future - learn from our mistakes and invest in our skills

Be proud of what we do
Be proud of what we do

Be proud of
what we do

Aim high, value your efforts and always go the extra mile

Be positive, celebrate and share our successes

Inspire others to work with passion and enthusiasm

Look for change to improve the way we work

Our Value Creation

Skilled and engaged talent pool

careers at Bakkavor

High quality food for consumers' needs

Learn more

Well-invested, strategically located footprint

Our strategic approach

Disciplined capital allocation

Our financial performance

ESG focus areas

Our Trusted Partner ESG strategy

Our Key Stakeholders

Colleagues

Colleagues

Customers

Customers

Suppliers

Suppliers

Investors

Investors

Communities

Communities

Click on the icons above to learn how we engage with each stakeholder group.

Colleagues

Colleagues

Customers

Customers

Suppliers

Suppliers

Investors

Investors

Communities

Communities

Our Colleagues Icon

OUR COLLEAGUES

People are at the heart of our business, with c.18,000 diverse and talented colleagues belonging to over 100 nationalities.

Why we engage:

  • Understand what matters to them and incorporate their views into our Group Board decision-making.
  • Make Bakkavor a great place to work where our colleagues feel supported and fulfilled.

What matters to them:

  • A safe and inclusive workplace.
  • A voice in the Group’s decision-making.
  • The opportunity to realise their potential.
  • Support for their needs in the face of cost of living and labour market challenges.

How we engage:

  • Regular Site Employee Forum (“SEF”) and Group Employee Forum (“GEF”) engagement.
  • Wellbeing Committee and the I&D Forum.
  • Interaction between colleagues and the workforce engagement Non-executive Director.
  • A Group-wide Employee Engagement Survey (“EES”).
  • Our whistleblowing hotline ‘Speak Up’ initiative.
  • Regular internal communication.
  • Direct online messaging to UK factory workers through a digital portal.
  • Quarterly CEO business updates for senior leaders.
Customers Icon

OUR CUSTOMERS

We have strategic relationships across our grocery retail, online, direct-to-consumer, brand and foodservice customers.

Why we engage:

  • Build long-term strategic relationships through ongoing engagement and investment.
  • Understand our customers’ and consumers’ needs.
  • Support our mutual business models by a fair and transparent approach.
  • Support our customers’ sustainability goals as part of our Trusted Partner ESG strategy.

What matters to them:

  • Opportunities to develop innovative and great-tasting products.
  • High-quality products that meet required technical and food safety standards.
  • Minimised disruption from industry-wide challenges.
  • A collaborative approach to deliver progress on sustainability issues.

How we engage:

  • Regular CEO engagement with key customers.
  • Reviews and updates relating to supply chain risk management.
  • Reviews and updates on inflation impact and outlook.
  • UK market insight updates to understand consumers’ needs.
  • Market updates on latest developments and growth opportunities in US and China.
Communities Icon

OUR SUPPLIERS

Across our well-established global network of c.1,300 suppliers, we collaborate closely on supply chain management as well as responsible sourcing.

Why we engage:

  • Share our purpose and strategy and demonstrate how we create value.
  • Establish an effective channel of communication with existing and potential shareholders.

What matters to them:

  • A strong strategy and business model.
  • Long-term sustainable profitable growth to enhance returns.
  • Understanding business opportunities and challenges.
  • Fair, balanced and understandable reporting.
  • An understanding of the business’s exposure and plans in relation to ESG issues.

How we engage:

  • Regular engagement from CEO, CFO and Chairman.
  • Ready availability of Senior Independent Director and Committee Chairs.
  • Annual General Meeting (“AGM”).
  • Review of shareholder, analyst and broker feedback.
  • Oversee allocation of capital, including dividend payments and leverage targets.
  • Regular updates on our Trusted Partner ESG strategy, commitments and progress.
Investors Icon

OUR INVESTORS

Regular shareholder engagement is important; to capture feedback, respond and promote their interests, and ultimately deliver value.

WHY WE ENGAGE

  • Share our purpose and strategy and demonstrate how we create value.
  • Establish an effective channel of communication to understand shareholders’ priorities.

WHAT MATTERS MOST TO THEM

  • A strong strategy and business model.
  • Long-term sustainable profitable growth to enhance returns.
  • An understanding of business opportunities and challenges.
  • Fair, balanced and understandable reporting.
  • An understanding of our plans in relation to ESG issues, including climate risks.

HOW WE ENGAGE

  • Investor meetings, calls, conferences and events attended by the CEO, CFO and Head of Investor Relations.
  • Updates and responses to queries via bakkavor.com, phone, post, email or brokers.
  • Our Annual Report and Accounts, financial results releases, share price information, RNS and press releases.
  • Reports on the TCFD and the Carbon Disclosure Project.
Suppliers Icon

OUR COMMUNITIES

We operate from 44 sites across the UK, US and China and recognise that we need to act responsibly and be a Trusted Partner to our local communities.

Why we engage:

  • Continue as a Trusted Partner with high standards and capability to operate responsibly.
  • Support local economic development by creating jobs and supporting local services.
  • Remain an employer of choice in our local communities, attracting and retaining the best talent.

What matters to them:

  • A business that operates in a safe, responsible and sustainable way.
  • A reduction in environmental impact, including UK food waste, carbon emissions and packaging.
  • Support for local community initiatives and economic opportunities for local people.
  • A business that looks after the health, safety and wellbeing of its colleagues.

How we engage:

  • Group Board oversight of our Trusted Partner ESG strategy, commitments and progress.
  • Consideration for climate-related issues alongside the long-term strategy of the Group.
  • Adherence to the climate transition plan.
  • Review of community initiatives and charity partnership progress.