Great Australian pie factory mince meat
A GOLD Coast pie factory has been shut down by its Japanese parent company after operating for 35 years.
Financial statements show Arundel-based TGA Pastry, which is owned by Tokyo and Osaka-based Kaneka Corporation, has been operating at a loss for two years.
TGA Pastry’s latest financial reports reveal it made $6.34m revenue but ran at a $55,145 loss last financial year, following a $16,586 loss the previous year.
The company drew $518,571 in government Covid-19 recovery stimulus funding in FY2021.
Kaneka Corporation, whose company slogan is The Dreamology Company, produces chemicals for manufacturing as well as nutritional supplements, medical and pharmaceutical products.
Most recently, the company turned to manufacturing Covid-19 products, including test kits, chemicals to make disposable gloves and potential vaccine candidates.
TGA Pastry’s report said Kaneka Corporation directed the company to cease production from March 1, “whilst it contemplated the future strategy of the company due to changes in pricing pressures and in demand for its products”.
The report said Kaneka decided from June that the factory would cease production “for the foreseeable future”.
TGA, formerly called The Great Australian Pie Company,
was launched in 1986. Before it was purchased by Kaneka, the pie company was owned by Queensland United Foods, the dairy company now known as Pauls Ltd.
The closure of the factory has opened the door for property investors, with the 3759sq m block fronting Brisbane
Rd hitting the market for the first time in decades.
The property at 4 Wrights Place, Arundel, was last purchased for $1.31m in 1986.
Ray White Commercial agent Ryan Langham said the sell-off of 4 Wrights Rd, which has total net lettable area of 2311sq m, was a “oncein-a-generation
opportunity”.
Mr Langham said the “extremely motivated sellers” had listed the property, and its cold storage and food manufacturing facilities, for auction on September 16.
“Such a prime location and in an asset class that is seeing ever-growing interest in the
cold storage, food processing and manufacturing industry, these assets are sought after among investors,” he said.
“But the opportunity also lends itself to owneroccupiers, looking to relocate their business from interstate or perhaps expand their operations.”