C Butt made a loss for the year ending April 2016 of almost £356,000, but added its balance sheet and cash reserves remained strong.

The pre-tax loss was down on previous year's £557,060. The reduction its annual loss was achieved despite a reduction in turnover to £13.7m (2015: £14.5m).

The company undertook a major restructure last year following a decision by several major clients to take their transport back in-house. They included Poundstretcher and kitchen supplier Symphony.

In 2016, MD Clive Hodgkinson also retired, resulting in the appointment of Robert and Jonathan Butt as joint-managing directors.

In its latest financial results, the company said: “The business continues to generate positive operating cash flows and we believe our overall strategy remains on track to deliver profitability in the medium term.”

C Butt added that its strategy was to increase turnover through the addition of third party logistics contracts.

“We will hit higher margin contracts by focusing on expanding our provision of warehousing and associated value added distribution services whilst continuing to offer competitive transport rates through both our dedicated fleet and network partners,” it said.

Jonathan Butt was not available to comment.