The West Cornwall Pasty Company has reported a £2.8m drop in turnover during the past 12 months.
The Helston-based firm, which ranked 16 in British Baker’s BB75 list of the top 75 high street bakery retailers, filed a Report and Financial Statements document this week with Companies House. For the year ending 24 February 2012, gross profit declined over £2m on the previous year, and the company made a pre-tax loss of £606,466.
Ebitda before exceptional costs came to just under £2.26m – a £104,509 reduction on the previous 12 months.
The firm said in the report that a significant element of the reduction in turnover was due to “proactive tidying up of the underperforming stores in the estate”.
The West Cornwall Pasty Company said it had grown its number of motorway sites to 14, as part of a franchise agreement with Moto Hospitality in January 2011. The company is due to re-brand 10 retail units in Twickenham this summer, as well as expand on its high street and travel hub locations throughout the remainder of the year.
This will include an outlet in Shard which will be operational by October, and second site in Windsor due to open mid-July.
The firm said it had made successful offers on two further high street sites – locations unknown – which are now in legal process.
Further comments made by the company in a statement said: “Operations have been given a major focus this year with customer service and experience our priority.
“While the board expects the economic environment to be challenging during the next year, the company is well-positioned to make sustained progress in increasing the trading performance and value of the company.”