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FoodCloud total income increased to €4.8m after 'transformative year'

 

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Founders Aoibheann O’Brien and Iseult Ward

Founders Aoibheann O’Brien and Iseult Ward

Founders Aoibheann O’Brien and Iseult Ward

Social enterprise FoodCloud, which merged with its sister company FoodCloud Hubs in 2019, saw total income increase to €4.8m last year from €2.1m, according to new accounts.

Operational expenditure at the enlarged entity increased to €4.6m compared with €1.6m in 2018, leaving a surplus for the year of €189,049.

In 2019, FoodCloud worked with Aldi, Lidl, Musgrave MarketPlace and Tesco to redistribute 1,192 tonnes of surplus food to 584 community groups via its technology platform in Ireland.

Combined, the enlarged FoodCloud redistributed the equivalent of 4.14 million meals last year, preventing this surplus food going to landfill.

The merger of the two entities, which was completed on the July 1, 2019, followed a review undertaken by the boards of each organisation in 2018.

As part of the agreement, all assets, liabilities and undertakings of FoodCloud Hubs were transferred to FoodCloud and both teams were merged to create a single entity employing 56 people.

Total reserves at the end of 2019 were €2.3m including just over €1m resulting from the transfer of the assets, liabilities and undertakings of FoodCloud Hubs to FoodCloud.

Iseult Ward, CEO, FoodCloud said: "2019 was a transformative year for FoodCloud as we proudly brought together our retail and technology solution FoodCloud with our sister warehouse operation, FoodCloud Hubs, to provide an end-to-end solution for surplus food redistribution."

In 2019, FoodCloud worked with Tesco and Waitrose in the UK and distributed food in partnership with Fairshare, a British food waste charity. It aims to expand technology pilots in Australia, Poland and the Czech Republic. Demand for its services has increased due to the pandemic.

Sunday Indo Business