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Ten family-owned food companies have achieved large savings by making key purchases together over the past three years.
Country Crest’s financial controller Chris Harmon told the Irish Farmers Journal that participating companies had cut their individual electricity bills by 10% to 20% in the past two years, and saved a total of €2.5m on insurance over the past three years. They are now collaborating on packaging purchases.
Family Business Network
They are part of the Irish branch of the Family Business Network, founded in 2013 by companies including retailer Musgrave and poultry processor Carton Brothers. “Their financial directors came together to see how they could procure insurance, packaging and electricity,” said Harmon.
The group picks one company to lead each purchase, gets expert advice and puts out tenders for suppliers to compete.
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