110 job losses at gluten-free bakery
Genius Foods, the Edinburgh-based gluten-free bakery, has cut 110 jobs, but said it “continues to be the UK’s leading gluten-free bakery brand” in its recent Companies House update.
It added the business is in double digit growth for the fifth consecutive quarter, as it posted an update on the restructuring that included a reduction of 110 jobs, 100 of which were in production.
The firm said it has “a strong balance sheet and supportive investors which has enabled it to take a long-term view”.
It also said this year it has moved to bring Genius to mainstream consumers through a new range of “good for the gut” digestive wellness products.
In the accounts filed with Companies House, it said in 2018 there was a full year loss after tax of £6.7m, which was narrowed from £8.4m, and this was “as a result of continued investment to deliver efficiencies, repositioning the Genius brand to sustain international growth and accelerate innovation”.
Jeremy Bradley, Genius chief executive, said: “Genius continues to be the UK’s leading gluten-free bakery brand.
“Following completion of the programme to consolidate production at the Bathgate bakery and exit low margin business, the 2018 results reflect a solid year of improving underlying performance.”
He said that “2019 continues well with the business in double digit growth, supported by investment to build the Genius brand in high potential markets and further strengthen margins”.