LWC Drinks revenue fell by £103 million over 2020 as sales to pubs and restaurants dried up during lockdown.
In the year to September 2020, the wholesaler saw its profit of £11.8 million from 2019 collapse to a £800,000 loss.
After a strong start to the year, turnover plunged by 90 per cent after the government advised customers to shun hospitality businesses in March last year.
Having made £103 million in Q1 and £65.6 million in Q2, LWC made just £3.7 million between April and June.
READ MORE: COMMENT: Functional drinks and the trend for nootropics. What consumers are looking for?
However, sales rallied in the summer with the easing of lockdown restrictions and start of the “Eat Out to Help Out” scheme.
The company made £71.4 million between July and September
It was also helped by a £20 million loan through the government scheme CLBILS, which it partly invested in a new 173,000 sq foot warehouse in Oldham.
LWC’s turbulent year contrasts to that of other drinks retailers, which performed strongly during the Covid-19 pandemic.
Spirits company Distil shifted away from hospitality and entertainment industries to take advantage of the e-commerce boom.
Its profit rose by 34 per cent over the financial year.
Internet retailer Naked Wines watched sales rise by 68 per cent to £340 million.
Earlier this month, the International Wines and Spirits Record revealed that the alcohol industry had been kept afloat over lockdown by e-commerce and home-drinking.
