Brace’s Bakery has reduced pre-tax losses as it fights its way back to profitability following a management restructure.
According to documents filed at Companies House, the family-owned firm, which is celebrating its 115th anniversary this year, posted pre-tax losses of £530,000 in the financial year ending September 30, 2016 – down from £2.1 million in 2014/15.
Turnover fell to £29.5m from £32.8m the year before.
The company said turnover had been affected by a “competitive market” which had put pressure on sale prices.
During the year the accounts were filed for, the company restructured its management with directors Mark and Jonathan Brace taking control of the business.
The company had been run by chief executive Scott Richardson from 2015 to 2016.
Speaking to Caerphilly Observer in November last year Director Jonathan Brace said the company was on course for 15% growth this year.
In a sign things were looking up for the company, Brace’s reopened its Croespenmaen factory towards the end of last year after it had mothballed the site 12 months ago.
The move followed a diversification for the business from sliced bread into the food service sector, supplying products to sandwich makers.