In Short

05 June, 2009
Page 4 

== Finsbury speculation ==

Finsbury Foods shares shot up by around 5% following a preliminary approach regarding a potential offer for the firm. The cake manufacturer said the approach "was exploratory in nature and the directors believe that there is considerable doubt an offer will be forthcoming from this party". Finsbury said a further statement will be made in due course.

== Aryzta Europe shrinks ==

Zurich-based speciality bakery Aryzta has seen its Food Europe division shrink, as growth falls by 1.4% in the nine months to 25 April 2009. Its Food North America and Food Developing Markets both experienced growth of 22.7% and 14.9% respectively, resulting in an overall rise of 5.7% for its food businesses.

== Croissant firm falls foul of gangmaster ==

Canada Bread-owned The French Croissant Company (FCC), based in London, which supplied croissants to Marks & Spencer, has been found to employ staff provided by a gangmaster who paid below the minimum wage and hired illegal immigrants. The Gangmasters Licensing Authority (GLA) has revoked the licence of the firm involved - 1st Universal Services, according to The Daily Mail. FCC said it is now using a new GLA-audited provider.

== Lees takes action ==

Lees Foods plans to take legal action against the people from whom it bought Patisserie UK, which went into administration in March. After taking legal advice, Lees said there was a good basis for a claim against the vendors under "warranties given at the time of acquisition". Lees bought Patisserie UK in December 2007, only weeks before its major customer Costa Coffee, which accounted for 75% of sales, switched to another supplier.





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