The West Cornwall Pasty Company has made a pre-tax loss of £606,466 for the year to 24 February 2012, while turnover also fell.
The company blamed the reduction in turnover, which fell to just under £24m for the period, down from nearly £27m the year before, on a "proactive tidying up of the underperforming stores in the estate".
West Cornwall Pasty Company said it would spend the forthcoming year focusing on significantly expanding its sites on high streets and in travel hubs. It has already taken a unit in the Shard in London, now the tallest building in Europe, which is set to open in October. It also indicated that it would open another site in Windsor in mid-July.
Meanwhile, it said that its franchise agreement with motorway service station operator Moto, which started in July 2011, has already resulted in 14 sites, which is ahead of target. It is also in discussions with contract caterers about new opportunities and partnerships.
The firm said it expected the economic environment to remain challenging next year but that it was "well positioned to make sustained progress in increasing the trading performance and value of the company".
By Neil Gerrard
E-mail your comments to Neil Gerrard here.
Looking for a new job? Find your next job here with Catererandhotelkeeper.com jobs