Prince Charles's Duchy Originals loses £3.2m

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Accounts today revealed the true extent of the company's financial problems. It posted a turnover of £2.2 million for the 12 months to 31 March last year, down almost half on the previous financial year's total of £4 million.

It had expenses of £5.5 million, which after profits were deducted meant a loss of £3,271,000. This figure included costs of £1.9 million charged as a result of the sale of a loss-making bakery.

Duchy Originals denied that its joint venture with Waitrose, which began last September, was effectively a bail-out.

Sir Michael Peat, the Prince of Wales's principal private secretary, said at the time: "This is all to do with moving to the next level.

"You know Waitrose aren't in some way bailing out or rescuing Duchy Originals because we are not staying as we are, we're fine as we are, they are helping us to move to the next level."

The high-end supermarket said it would invest million of pounds to develop the Duchy brand from 200 product lines to 500.

Prince Charles founded Duchy Originals in 1990 to promote sustainable produce and raise funds for good causes. It has donated £7 million to his Prince's Charities Foundation, but has needed a temporary loan of £1.5 million loan from the foundation which will be repaid.

A spokeswoman for Duchy Originals said the company did not have reserves like a normal business to fall back on, as funds were donated to charity, and that it had suffered from an industry-wide downturn in demand for organic produce.