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Pie and pasty manufacturer Peter’s Food Service has unveiled a new logo design as it continues a plan to turnaround its business.

The new design has been rolled out across all of the company’s retail packaging ready for supermarket St David’s Day promotions.

Mike Grimwood, Managing Director of Peter’s, said: “We hope this new style and messaging really resonates with our customers, particularly as families are spending more mealtimes together at home.”

Peter’s makes a £2.8m loss

The firm, based on Bedwas House Industrial Estate, has endured difficult trading recently – making a loss in three consecutive years.

The company’s latest annual accounts lodged at Companies House show Peter’s made an operating loss of £2.8 million on revenue of £59.3m for the 12 months ending June 1, 2019.

This was an improvement on the previous year’s £3.6m loss – although the firm is in the process of turning its business around.

The directors report accompanying the accounts states: “The company’s overall profitability has improved during the period, following a restructuring of the business’ overhead base and a conscious move away from less profitable products and customers.”

It continues: “Since the balance sheet date, the company has concluded several financial transactions that have generated significant cash funds for the business, including the sale and leaseback of the company’s plant and machinery.

“In addition, the company has also gained new business with several key customers that has improved both sales and profitability for the current period.”

In October 2019 it announced the creation of 110 new jobs.

As part of its turnaround plan the company sold the freehold of its premises for £5m in June 2018 and launched a new range of low-fat products under a new brand called Nurish.

Coronavirus impact

While the company accounts do not cover the time of the coronavirus pandemic, the directors’ report does make mention of it.

It notes that further trading restrictions imposed by the Welsh Government may require the company to seek funds from external sources to make up any shortfall in working capital. The company said it believes it would be able to secure that funding if needed.

In October last year the company had around 48 staff members test positive for coronavirus after more than 600 staff were tested over two days.

Peter’s history

Established by family man and entrepreneur Stan Thomas as a small pie manufacturer in Merthyr Tydfil, “Thomas’ Pies” supplied highly sought-after savoury pastries to the Valleys.

The Thomas family, including sons Sir Stanley Thomas OBE and Peter Thomas CBE, moved the business to its existing home in Bedwas, Caerphilly in 1970 and created the now highly successful Peter’s brand.

Although Peter’s is no longer run by the Thomas’, the founding family maintains a close affinity with the business and recently called to celebrate the fiftieth anniversary. Prior to his passing in 2015, Sir Stanley enjoyed visiting the Bedwas bakery and meeting with staff.

Mr Grimwood said: “Peter’s is Stan’s, Stanley’s and Peter’s legacy – a household name that supplies retailers and venues across Britain, and based in a modern, purpose-built factory in Bedwas.

“They had a passion for pastry, innovative ideas and a brain for business. Stan saw the opportunities the end of meat rationing offered in the 1950s and created a company which simply grew and grew, today employing 700 staff and selling millions of pies every year.”