Hider Foods was hit by a “significant loss” as sales slipped by 14 per cent to £21 million in 2019.
And bosses at the Hull speciality wholesaler said difficult trading conditions “were exacerbated by the Covid-19 pandemic, meaning that the results for 2020 are expected to be equally disappointing”.
Hider, a third generation business launched in 1965, trades in nuts and dried fruit from Dairycotes Industrial Estate, and the year dominated by Brexit uncertainty saw it go from a £129,391 profit in 2018 on a £25.5 million turnover to a loss of £918,428.
Director Duncan Hider said the board was “taking measures to reduce the company’s overheads and increase turnover and margin,” adding he was confident the measures “will help stabilise the company’s position and lead to a return to profitability, albeit at a modest level in the short-term”.
Covid has limited ability to trade and receive stock, he told in the latest accounts, just published.
Mr Hider said the sector generally remains a buoyant market, with “consumers becoming increasingly discerning and health-conscious in their food tastes”.
Supplies remain good and while prices fluctuate, they are actively managed to minimise risks, he said. Staff numbers increased slightly in the calendar-aligned financial year in review from 100 to 103.
To combat the pandemic it secured a £5 million funding stream with Bibby Financial Services in June last year as it rolled out a new venture to help its retailers through online expansion. They are chiefly small deli outlets.
