Freshways losses are not unique

For the year ending December 2017 Freshways have recorded a pre-tax loss of £4.2m compared to a £1.9m profit in the previous year.  It’s an eye watering swing of £6.1m in only 12 months.  Freshways bank borrowings were up 28% to £14.8m.  Of more concern is the fact Freshways still has an ongoing HMRC investigation.

Whilst these figures are not good news and highly unlikely to be reversed in the current year Freshways have significantly more security and collateral than many others in the same sector.  They are by no means expected to be at the bottom of a pile of liquid processors financial results, which are anticipated in one or two instances to be grim and potentially end up with one on life support.  Watch this space for further results between now and the year end.