Finsbury Food warns of price rises

Price of cakes could rise as licensee looks for ways to cope with Brexit plans.

Licensed cake manufacturer Finsbury Food Group has warned that prices could rise as the company looks for ways to cope with Brexit.

The cost of buying ingredients – which are globally priced in dollars or euros – have “increased substantially following sterling’s weakness”, it said.

The company produces cakes featuring a number of licensed characters such as PAW Patrol, Ghostbusters and Frozen.

Quoted in The Evening Standard, chief executive John Duffy said: “We will be looking to charge people more on a like-for-like basis. This is in response to commodity cycles turning, with the price of ingredients like chocolate and sugar up.

“There does come a point when inflation pressures are simply too big and you have to pass some of that cost to consumers.”

However, the company is offering fewer discounts in a bid to soak up the cost rises.

The news came as Finsbury Foods gave an update on trading for the first four months of the new financial year. Total group sales revenues were £101.5 million for the period.

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