StockMarketWire.com - Finsbury Food Group is proposing to close its London-based Grain D'Or business which provides premium baked goods for the UK pastry sector.

The company said it would be entering into a formal consultation period with around 250 employees concerning the proposal.

The company has proposed the closure of Grain D'Or as the business has been historically loss making.

Finsbury Food said that in recent years it had 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, Grain D'Or generated £28.5 million in revenue but produced an overall operating loss.




Story provided by StockMarketWire.com