Late Queen's favourite marmalade maker Tiptree, which also makes jams and sauces, posts £1.8million loss
The late Queen's favourite marmalade maker Tiptree has announced £1.8million in losses for the last financial year.
The latest accounts for the company showed the loss came from a £1.1m profit the previous year, despite a jump in sales from £48.1m to £53.5m.
Walter Scott, chairman of Wilkin & Sons, which owns Tiptree Marmalade, said 'virtually all' of the company's troubles were due to rising energy costs.
The company was started in 1885 but traces its roots back to 1757 when the founding family began farming in Tiptree, Essex.
It now makes a range of condiments including tomato sauce and mayonnaise, as well as fruit preserves like marmalade.
The late Queen's favourite marmalade maker Tiptree has announced £1.8million in losses for the last financial year. Pictured: Queen Elizabeth II talks to members of staff during a tour of the Wilkin & Sons Jam factory on October 28, 2010 in Tiptree, Essex
The chairman of Wilkin & Sons, which owns Tiptree Marmalade, said 'virtually all' of the company's troubles were due to rising energy costs
The company was started in 1885 but traces its roots back to 1757 when the founding family began farming in Tiptree, Essex. Pictured: Tiptree Jam factory in Tiptree, Essex, in 2019
The company has been a royal favourite since it was first awarded a royal warrant in 1911 by George V - retaining it from successive monarchs ever since.
The late Queen visited Tiptree's factory in 2010 to celebrate the company's 125 years of jam-making at the site.
During the visit she went on a tour of the jam factory to watch the workers destalking mulberries, spooning out the centres of oranges and putting the finish on Christmas puddings.
The late Queen's association with marmalade grew after a video released for her Platinum Jubilee in 2022 showed her bonding with Paddington Bear over their shared love of marmalade.
After her death in September 2022, many mourners left marmalade sandwiches for her outside Balmoral and Buckingham Palace, in a nod to her love of the preserve.
Mr Scott said: 'The words in the report for 2022 "we may not be so lucky next year" proved to be prophetic: we have posted a loss for the first time in my memory.
The company now makes a range of condiments including tomato sauce and mayonnaise, as well as fruit preserves like marmalade
The late Queen's association with marmalade grew after a video released for her Platinum Jubilee in 2022 showed her bonding with Paddington Bear over their shared love of marmalade
The late Queen met Paddington Bear, in a sketch which opened the BBC's Party at the Palace marking her 70 years on the throne
After her death in September 2022, many mourners left marmalade sandwiches for her outside Balmoral and Buckingham Palace, in a nod to her love of the preserve
A marmalade sandwich left outside Buckingham Palace following the Queen's death
'Notwithstanding these results, everyone worked extremely hard to mitigate these problems. I am sure that Winston Churchill would have an appropriate saying for the adversity we faced and the way in which we tackled these setbacks', according to The Telegraph.
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The latest financial news follows warnings last year from Wilkin & Sons that it was facing turbulence from energy costs after it was forced to switch from three-year to two-year contracts.
The company's accounts make clear the problem is due to the unprecedented rise in energy, as well as the costs of raw materials, including glass and packaging.
Soaring costs have already spurred the company to shrink the size of its Tiptree marmalade jars from 454g to 340g, while keeping the price almost the same.
Despite the losses, Mr Scott said there was some hope as sales hit a record high last year, with exports reaching the £10m mark for the first time.