News
Burts Snacks suffers £5.2m pre-tax loss
The food manufacturer saw turnover rise to £97.4m, up from £87.7m in the 12 months to 31 December 2022, but costs associated with the acquisition of Burts by Europe Snacks in March 2023 amounted to £1.1m.
Meanwhile, exceptional costs of £1.25m where attributed to a change in accounting to align with the wider group, which the firm said compounded reported losses for the 13-month period.
Overall administrative expenses for the period were £17.8m, with the final loss after tax figure reported as £4.3m.
Nonetheless, the directors’ strategic report published on Companies House maintained a positive outlook and described Burts as being at an “exciting juncture”.
“The acquisition has not only expanded our market reach but has also presented us with avenues for growth and development,” the report said.
“As directors, we are keenly focused on maximising synergies between our organisations to capitalise on these opportunities.”
'Further investment planned'
Burts announced a £6m investment in its Leicester factory in October 2023, and the firm’s directors confirmed it would continue to assess its strategic position while “allocating resources wisely” and continuing to invest in production capability, cost reduction projects and regulatory compliance.
“Through careful planning and execution, we are confident that we can realise the full potential of this acquisition and position our company for long-term success,” added the report.
Touching on the firm’s sales performance, the directors credited growth in core private label accounts and the relaunch of the Burts brand.
Europe Snacks has since agreed to an acquisition offer from One Rock Capital Partners, a move that the group’s CEO Étienne Lecomte has welcomed.
“One Rock’s Operating Partners bring decades of expertise in our core markets and we will look to leverage their knowledge and experience as we aim to bring even more innovation and value to our customers,” said Lecomte.
In other news, the Welsh Government has announced that it is withdrawing from the planned UK-wide Deposit Return Scheme and will introduce its own scheme instead.
