Finsbury Foods (FIF) plans to close its underperforming Grain D’Or business. The strict cost controls and new working practices implemented in recent years have not been enough to save the London-based pastry producer.
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During the 12 months to 1 July 2017, Grain D’Or generated £28.5m in revenue but produced an overall operating loss. The group is now in a consultation period with the 250 employees affected by the closure. Management reassured investors that, despite current pressures on the industry, the group is well diversified and should be able to maintain its market-leading position, delivering growth and improved shareholder value.
