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Greencore Confirms Plans To Restructure UK Business

Published on Nov 9 2017 11:00 AM in Private Label tagged: UK Retail / Greencore

Greencore Confirms Plans To Restructure UK Business

Convenience foods giant Greencore has confirmed plans to restructure its operations in the UK.

"Greencore can confirm that it is simplifying its corporate structure in the UK into two divisions," the company said in a statement.

"The new structure will deliver improved efficiency and a better ability to respond to customers' needs."

The Ireland-based company says that it is now in consultation with a number of employees, but is unable to provide any further comment until this process has been concluded.

Share Slump

In August, Greencore experienced a 14% drop in its share price, which was reported to have been triggered by the loss of a major contract with US coffee firm Starbucks.

At the time, the group released a statement noting that there had been 'some level of churn' in its US business operations, and it was refocusing activities at its plant in Jacksonville, Florida.

In July, Greencore reported revenue of £636.5 million in the third quarter of its financial year, representing an increase of 76.6% on a reported basis, and of 11.8% on a pro forma basis.

It anticipated that its 2017 performance would remain in the range of current market expectations, as a result of challenging trading conditions.

The company plans to issue its next trading update on the release of its full year results at the end of this month.

© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.

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