Retaining a pioneering spirit through the generations 

George Vestey fourth generation CEO of Vestey Holdings shares his international business experience for Family Business Week. 

Family businesses are well known for the innovations of their founders, but whether they can maintain the sense of adventure is another matter.

“At Vestey, we’ve always been excited by the phenomenal opportunities that exist for businesses who take a truly global outlook,” said George Vestey, CEO of Vestey Holdings. The company, a fourth-generation family business, sources and trades food products from more than 100 countries around the world. 

“Food is in our DNA, and trading internationally has been at the root of our business since the 1890s. I believe that our continued success owes a great deal to our ability to retain and foster the pioneering spirit of our founders. We do this by staying agile and empowering our teams to innovate and explore opportunities around the world.” 

Origins in global food trade 

The origins of Vestey Holdings date back to the 1890s, when brothers William and Edmund Vestey established the Union Cold Storage Company in Liverpool. 

They were among the first to exploit the potential of refrigeration, developing cold stores across the UK and throughout Russia, the Baltics, and Western Europe. It enabled them to supply large quantities of quality affordable meat, poultry, eggs and fish to the growing UK population during the Industrial Revolution. 

Throughout the 20th century, the business expanded its network sourcing food from China, South America, Australia and New Zealand. These international trading operations now supply wholesalers, manufacturers and foodservices in all continents, with relationships in over 70 countries. 

In recent years, Vestey Holdings has responded to a growing international market for fine foods, establishing businesses in Dubai, Japan, Oman, and the Philippines to supply exacting chefs in those markets.  

Recent global geo-political turmoil presents both risks and opportunities for businesses such as Vestey. “In volatile times, values-driven business relationships, forged over time, hold strong” George said. 

Retaining the family business ethos  

With recent acquisitions and start-ups both internationally and in the UK, the group now consists of 14 food businesses plus a pensions advisory division that supports other family businesses, drawing from the group’s own experience of de-risking legacy Defined Benefit schemes.  

Together, the businesses now employ about 1,200 people. “Even with our growth, there remains a real sense of purpose within what we call our family of businesses” George said. “A sense of unity is key to our identity.” 

What enables the preservation of the pioneering spirit is an empowering, entrepreneurial business model, where each of the businesses is given the freedom to identify and pursue opportunities for growth.  

Recent examples include the acquisition of three new businesses in 2024, including the vertical farm, New Leaf, in Dubai; a spices business, Lay Baltija, in Lithuania; and a confectionery business, Fosters fine foods, in the UK. More recently, Vestey’s meat business Donald Russell acquired Farmison & Co to broaden their offering and increase scale. 

Leveraging trusted relationships 

“We’re always scanning the horizon and looking to support suppliers we’ve developed trusted relationships with-businesses that produce outstanding specialised products but who may not have the wherewithal to access global markets”, said George. 

“We give them that access, and at the same time bring great products to our smaller customers who could not have otherwise accessed such remote and specialised foods. It’s a win-win-win for our suppliers, our buyers, and ourselves.” 

London-based Vestey Holdings provides the overarching strategy and performance frameworks to align group businesses.  

“It’s a diverse group of businesses, but there is huge benefit to sharing knowledge,” said George. “Many businesses are dealing with the same challenges, so listening to others’ experience and opinions fuels new ideas and better ways of working. By coordinating the way we work under a common performance framework, we help to ensure that all ships in the Vestey flotilla benefit from guidance and support where needed.”