McErlain’s bakery made annual loss of almost £640,000 before insolvency and sale BelfastTelegraph.co.uk Bakery business McErlain’s made a loss of nearly £640,000 in the year to October 2017 before it was put into administration and bought over, it has emerged. https://www.belfasttelegraph.co.uk/business/northern-ireland/mcerlains-bakery-made-annual-loss-of-almost-640000-before-insolvency-and-sale-37358220.html https://www.belfasttelegraph.co.uk/business/northern-ireland/article37358219.ece/09141/AUTOCROP/h342/2018-09-27_bus_44430778_I1.JPG Email Bakery business McErlain’s made a loss of nearly £640,000 in the year to October 2017 before it was put into administration and bought over, it has emerged. The loss compared to pre-tax profits of £484,000 for the year before. As well as producing bread, fresh pastries and cakes under its own Genesis Crafty brand, the company also manufactures under contract for supermarket giants including Marks & Spencer and Waitrose. The Magherafelt company was put into administration last month and sold to investor Paul Allen – also the head of Tayto Group – after facing trading difficulties exacerbated by the rise in raw material costs, including butter. In addition, the company had expanded rapidly, and invested in new machinery and staff. However, profit margins were not as high as expected during the key Christmas period of 2017, leading to losses and cash flow issues. The accounts for the year ending October 29, which were signed off in December,… Read full this story
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