Griffin’s Biscuits owner hit by $59m loss from goodwill, brand impairments
Cookie Bear made a permanent return to Griffin's biscuit packets after an adverse reaction to its rebrand from consumers. Photo / Supplied by Griffin's
Snack manufacturer Griffin’s has reported a $59 million loss in its 2025 full-year results, after the company’s brands were marked down in value for the second straight year.
In the 12 months to December 31, 2025, Intersnack New Zealand, the parent of Griffin’s Snacks, reported total revenue of $359.6 million, down from $360.7m in 2024.
Distribution costs for the business rose from $33.9m to $35.9m, with wage and salary costs rising to $73.1m from $70m.
However, the biggest expense for the company was “other operating expenses” – more specifically, an impairment to Intersnack’s goodwill and brands.
Intersnack’s cost-generating unit (CGU) recognised an impairment of $52.75m in respect of goodwill and a further $7.25m impairment in relation to its brand assets.
It’s the second year in a row the business has reported an impairment to its brands, with a $20.7m impairment reported in its 2024 full-year results.
Brands owned by Griffin’s Snacks include Griffin’s Biscuits; chip brands Eta, Snackachangi and Kettle; as well as the muesli brand Nice & Natural.
Including the impairments, Intersnack reported a net loss for the 2025 full year of $59.2m. Had the impairment not been recorded, the company would have reported a net profit.
Griffin’s New Zealand declined to comment on the result.
Brand damage
Earlier this year, Griffin’s Snacks faced backlash from its customers after it decided to drop its Cookie Bear mascot from its packaging, 57 years after it was introduced.
Cookie Bear was developed by Hudson’s, which created the bow-tie-sporting bear for its biscuit range in 1968.
Hudson’s was eventually sold to Griffin’s in 1989, before Griffin’s was acquired by global giant Intersnack in August 2021.
The company continued to use Cookie Bear on its biscuit packaging and in marketing despite the changes of ownership.
In April 2025, Griffin’s told the Herald at the time that the redesign would shift focus towards the brand and appeal “to a wider range of Kiwi biscuit lovers”.
“While the packaging is changing for our Chockie Chippies, Hundreds & Thousands, Stripes and Shrewsbury biscuits, consumers can expect the same quality, recipe and great taste,” the company said.
However, the decision was met with a wave of backlash from its customers, and after months of campaigning, Griffin’s reinstated the mascot.
In September 2025, Griffin’s Snacks also proposed the closure of its Proper Crisps factory in Nelson.
A spokesperson for the company said it told staff in Nelson and Wellington of a proposal to consolidate all savoury snack manufacturing at its Wiri site in South Auckland. It said its Papakura site would not be affected.
“If the proposal goes ahead, 82 roles across Nelson and Wellington could be affected, with production potentially moving to Wiri from late 2027 and into early 2028,” the spokesperson said.
“This transition would be supported by significant investment in the Wiri site, including the creation of new roles.”
The company has provided no additional updates on the proposal since last year.
Griffin’s was founded in Nelson in 1864. Griffin’s is ultimately owned by Netherlands company Intersnack International B.V.
Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.
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