Nostalgic sweets boost Tangerine Confectionery
Tangerine Confectionery, the company behind some of Britain's best-loved nostalgia brands such as Sherbet Fountain, Butterkist, Dip Dabs and Refreshers, has seen turnover more than double in one year due to acquisitions and growing consumer demand for its fizzy sweets.
Taste for nostalgia: Butterkist joins golden oldie sweets including Sherbet Fountains
In what managing director Chris Marshall described as a 'transformational year', 2008 saw the Blackpool-based company buy Butterkist maker Monkhill Confectionery from Cadbury.
In addition, the firm began three major projects to increase capacity while cutting costs, including moving production of Fruit Salad and Blackjack chews from Spain to Blackpool and, controversially, changing Sherbet Fountain's traditional paper packaging to plastic.
Turnover increased from £63.5m in 2007 to £131m in 2008 with profits before exceptional items fizzing up from £4.9m to £8.1m.
However, due to restructuring costs and hefty interest payments from debt acquired with the purchase of Monkhill, pre-tax profits of £3.6m were wiped out to result in an overall loss before tax of £6.6m.
But Marshall remained optimistic about the year ahead, saying: 'Further progress is anticipated in 2009 as Tangerine is well set to deliver the benefits identified at the time of acquiring Monkhill.'
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