A Liverpool firm specialising in cake decorating and bakery ingredients has announced losses of £26m after what it called a "very difficult period".
Real Good Food, which is based in Wavertree, said that despite the results, the firm has made "significant progress" over the past year - and that major changes are currently under way.
Following the sales of Garrett Ingredients, Haydens Bakery, R&W Scott, R&W Scott and and Chantilly Patisserie, it is now focussing on two main divisions - cake decorations and food ingredients through its remaining ventures Renshaw, Rainbow Dust Colours and Brighter Foods.
Results released by the firm show losses to have soared from £9m in the last year. Chief executive Hugh Cawley said: "After a very difficult period in the group's history and a great deal of corporate activity, Real Good Food plc now comprises two divisions, with clearly articulated objectives and defined strategies to accomplish those objectives.
"We believe we now have the leadership, the senior management and the resources capable of delivering a further uplift in performance from both businesses, and a substantially lower central cost base more fit for purpose.
"In the new financial year to date, current trading from the two remaining, robust and profitable businesses is in line with our modest expectations for the year.
"The group remains focused on continuing to improve its results and on reducing net debt, as well as continuing to support the business's strategy and thereby to increase shareholder value and returns."
According to its annual results for the year to March, revenue from the continuing businesses decreased by 3.4% from £63.8m to £61.6m, while its goodwill has been impaired by £18.7m.
The report also mentioned how Real Good Food was hit with a fine of £450,000 back in May, reduced to £300,000 for early settlement, after breaches of financial reporting rules for companies dating back to July 2017.
On the day the fine was settled, a number of board changes were made, it added.
