Jordane Delahaye, Business Intern
Honey Bun bakery has launched a new cream-filled pastry dedicated to Jamaica's 50th anniversary of Independence.
'Goldie' also commemorates the country's gold rush in the London Olympics, according to Honey Bun co-founder and CEO Michelle Chong.
The cream-filled mini-cake is similar to the popular American 'Twinkie' snack. Asked whether this was deliberate, Chong told the Financial Gleaner that the tasty Hostess Brands-owned treat was an inspiration for Goldie.
She said there is a market in Jamaica for a local version of the Twinkie.
Goldie has been in the works for over a year, according to Chong. The product has been on the market for about a month and retails for J$40, inclusive of tax.
One person at the launch commented generally that the price was a bit too steep, considering the size of the product. Chong was adamant, however, that the general public's reception to the product has been "amazing".
"We can't find hands to sell," she told the Financial Gleaner.
Honey Bun 1982 Limited is now a publicly traded company on the junior stock exchange.
Since 2008, the company has reported double-digit sales growth, including a 25 per cent increase in last year's annual sales. Revenue rose to J$560 million.
In its unaudited third quarter results, April to June, Honey Bun reported a 1.3 per cent decline in revenue and a 16.6 per cent increase in expenses. This lead to pretax profits J$7.5 million, compared to J$16.8 million for the corresponding period last year.
Honey Bun is the first bakery to list in Jamaica. The family-owned business started as a small bakery in Spanish Court in 1982. It now employs 200 Jamaicans.