Tue, 17 Dec 2013 | BUSINESS SALE
The West Cornwall Pasty Company could be put up for sale in the near future as the business is set to undertake a strategic review.
Reports from the Sunday Times suggest that the business could be for sale for somewhere in the region of £30 million.
The firm has appointed BDO to handle the review, which it is thought has been prompted at least in part by a decline in profit due to the introduction of the so-called 'pasty tax' that hit hot baked goods with an additional tax at the point of sale.
In the 53 weeks to 1 March this year the company reported a decline in turnover from £23.9 million to £21.3 million. Meanwhile, gross profit dropped by almost £2 million from £17.3 million to £15.3 million. The reduction in turnover was reported to have been “principally due to the imposition for a standard rate of VAT” applied to hot takeaway products.
A spokesperson for the company told British Baker: “We have appointed BDO to advise the board on a refinancing of the business in order to support future growth. Our discussions with BDO are at an early stage and no decisions have been finalised at this time.”
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