LONDON — Finsbury Food Group P.L.C., a United Kingdom-based specialty baker that makes cake, bread and breakfast foods for the retail and food service channels, said it plans to close its Grain D’Or business. Grain D’Or provides premium baked foods for the U.K. pastry sector.
“The company has proposed the closure of Grain D’Or as the business has been historically loss making,” Finsbury said. “In recent years, the company has implemented a range of initiatives to improve the business, including strict cost controls and introducing new working practices. Despite this, during the 12 months to 1 July 2017, Grain D’Or generated £28.5 million in revenue but produced an overall operating loss.”
Founded in 1980, Grain D’Or operates two bakeries in London that bake croissants, pastries, muffins and specialty bread.
Despite the proposed closing of the Grain D’Or business, Finsbury said that overall it is “performing well.”“The board believes that despite the current pressures on the industry, it is well equipped to maintain its market leading position and continue to deliver growth and improved shareholder value over the period ahead,” the company said.