Liverpool’s Longest-Standing Company Reports £1 Million Increase in Profits

Liverpool’s oldest trading company, RS Clare, has reported a £1 million increase in profits and a 15.8% rise in revenues, bringing total earnings to £30.9 million.

In its recently filed accounts for the year ending December 31, 2023, RS Clare revealed pre-tax profits of £6.7 million, up from £5.7 million in 2022. The company has also paid £5 million in dividends to its parent company, RS Clare Holdings.

Located on Stanhope Street in the Baltic Triangle and employing 82 people, RS Clare was founded in 1748 by Richard Clare as a chemist, druggist, and dry-salter at the onset of the Industrial Revolution. Today, it specialises in manufacturing industrial lubricants, with over 70% of its sales directed to international markets across approximately 50 countries. Its products are utilised in various sectors, including oil and gas, rail, maritime, industrial, and thermoplastics.

The development of lubricants began in 1889 when the first mineral oil was imported into the Mersey River, coinciding with the Meadows family's acquisition of the business. Managing Director David Meadows is the sixth generation of his family to lead the firm.

In January 2023, RS Clare expanded its portfolio by acquiring Swiss railway lubrication company Igralub Holding, which includes subsidiaries in Switzerland, Germany, and Austria, as well as a stake in a joint venture in North America.

This year, RS Clare announced it was making its “largest ever” investment in the company’s history to expand its grease plant, though the exact investment amount has not been disclosed. Business Development Manager Daniel Marsh stated in September 2023, “We are investing heavily in Liverpool. A new packing line has been installed to enhance health and safety and improve efficiency.

“This represents the largest investment in our 275-year history, with the installation of large new grease vessels and high-tech automation to significantly boost capacity.”

In his comments on the company’s financial results, David Meadows noted that sales activities and revenues increased across all four of its key divisions. He emphasised, “We prioritised innovation and product development to drive business growth. Newly developed products have fuelled expansion in key strategic regions across our market sectors, and collaborating with strategic partners has helped us broaden our global reach.”

Regarding the expansion project, he added, “This initiative is crucial for increasing production capacity and efficiency, which is essential for achieving our strategic business objectives and supporting future growth.”

The accounts also indicated that directors' remuneration, including salaries and pension payments, totalled £388,542 for the year, with the highest-paid director receiving just under £200,000.