William Jackson Foods, the owner of Abel & Cole and Belazu, posted a loss last year as the cost-of-living crisis squeezed shoppers.
The business reported a pre-tax loss of £1.5m in the year ending 27 April 2024, down from a £1.2m profit the year before.
That was despite a rise in turnover from £315.6m to £334.3m, according to its latest accounts at Companies House.
While this was the third consecutive year of growth, it marked a deceleration from 9.4% in 2023 to 6.3% last year.
Growth was led by its food service and food-to-go businesses, but was partially offset by a 10% drop in retail. William Jackson noted, however, that retail sales had begun to recover as the financial year ended.
It was “another challenging year with the cost-of-living crisis continuing to influence consumer behaviour”, the business said.
“We remain cautious about the ongoing challenges impacting the industry and the wider economy but remain confident that we are well placed to manage these.”
Abel & Cole narrowed its pre-tax loss from £736k to £22k with turnover rising from £81.1m to £81.7m, according to separate accounts. This represents a 0.7% rise in sales, compared to a 15.4% drop in 2023, the company said.
James Watson stood down as CEO in May after five years in the role. The company is yet to announce a replacement.
In April, William Jackson acquired Lottie Shaw’s, a Yorkshire-based craft bakery that has become an extension of Jackson’s Bakery.
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