Pension deficit soars at Melton Mowbray pie-maker

Melton Mowbray pie and pasty maker Samworth Brothers has revealed that its pension deficit has risen to £173m – up from £69m in 2015.

Reports in Thisismoney.co.uk over the weekend revealed the news, which comes after the firm, which makes the likes of Ginsters pasties and Soreen malt bread, paid an £18.3m dividend to its family owners.

Samworth Brothers has said a comprehensive three year review is in progress. A statement from the firm added: “We take very seriously our commitments to our people, including our pension scheme members.

“Many businesses are finding themselves in the same position due to low yields.”

Samworth’s sales rose 7% to £991m for the year ending 31 December 2016, while profits dropped 2& to £48m.