Debt-ridden Canterbury Foods, one of the largest UK manufacturers of beef burgers and sausages, has said it will increase its efforts to cut debt after reporting a first-half pre-tax loss of £3.4m (US$5.6m).
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Hull-based Canterbury, which used to be called Global Group, has reduced its debt from £26.8m to £16.5m since the start of the year, helped by the sale of its meat trading operation, reported the Financial Times.
Chief executive Paul Ainsworth said the recent disposal meant that Canterbury could “focus on adding value in food manufacturing instead of being reliant on buying and selling of meat on the world markets.”
The company reported a pre-tax profit of £1.8m a year earlier. Last year, the company lost a £14m-per-year contract with fastfood chain Burger King, the paper reported.
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