A Tyneside food firm which makes own-brand biscuits for leading retailers and Traidcraft, has reported a financial loss.
Northumbrian Fine Foods, based on Gateshead’s Team Valley, revealed the deficit of almost £185,000 in its latest full-year accounts to the end of June last year.
Finance director Stewart Housecroft said: “The company strategy is to increase market share and profitability by growth of branded, retailers’ own label and contract manufacturing products, support by strong new product development and effective cost-control initiatives.
“The directors have considered the impact of a comprehensive refinancing which has strengthened the balance sheet significantly and freed Northumbrian Fine Foods from a number of historic liabilities.”
Looking to the future, he said the firm benefited from a healthy product development programme and good relationships with retailers and licence partners, and also had a good reputation for excellent products with major blue-chip customers.