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The economic impact of the coronavirus and the companies helping out during containment

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Aryzta provides update on impact of COVID-19

In March, Aryzta said it expected a “material impact” on its business with the closure of hotel industries amid government shutdowns to mitigate the spread of the coronavirus.

Since then, the Swiss-Irish bakery company has said it has taken “Immediate and decisive action to maximize liquidity and reduce costs”by temporarily suspending investment spending. He added that he had accumulated “Savings against plan”of 50 M €.

About 30% of its workforce has been made redundant. The management committee has agreed to cut salaries by 30% over the next three months, while the entire management team will benefit from a 15% cut. The board of directors of the company also agreed to cut its fees by 30%.

The Swiss-Irish bakery business halted production at three of its factories in Europe and five in North America at the end of April, as well as the temporary closure of production lines in bakery factories to reduce capacity based on demand .

Aryzta is also postponing several of the planned project renewal programs – as part of the three-year cost reduction strategy launched by CEO Kevin Toland in 2017 – that require cash flow to implement.

In a statement, Aryzta said he had “Has received the required consent of the majority of its lenders for a modification of its financial covenants.In addition to this, you will need to know more about it.

“The amendment will apply to the next two tests of covenants relating to the annual accounts at the end of July 2020 and to the interim accounts at the end of January 2021.”In addition to this, you will need to know more about it.

The company added that its net debt to EBITDA ratio “must be less than or equal to” six times, and the net interest coverage ratio “must be greater” than 1.5 times. On May 4, the company has cash in excess of 385 million euros, compared to 360 million euros on March 24.

Bakedin attests to British home baking frenzy during lockdown

UK baking kit company Bakedin saw demand for its product line increase as subscriptions to its popular monthly Baking Club increased by more than 1,200%.

“We are doing everything we can to meet demand at the moment”,said founder Joseph Munns.

“Honestly, you have to be in the right place at the right time, but we’ve worked incredibly hard to build this foundation so that we can meet the growing demand. In addition to this, you will need to know more about it.

“This increase is directly due to having a product that customers really need in this coronavirus climate – delicious treats, simple and shared activities and something to make faces smile. Baking is also incredibly therapeutic.In addition to this, you will need to know more about it.

The Basingstoke-based brand said it saw the number of subscribers increase by 178% in the first week of lockdown in the UK, and the numbers continued to rise daily, peaking at nearly 1,000 in one day .

The brand is known for its signature subscription boxes, cinnamon bun kits, rainbow cakes and new “alcoholic baking” line. The kits contain all the ingredients in the right amounts so consumers can enjoy a cooking experience from scratch with little hassle and no waste. Available at Bakedin’s online bakery, Amazon, Wicked Uncle, as well as retailers like Costco, Hobbycraft, Lakeland, and Tesco.

Celiac UK supports the catering industry

Celiac UK is celebrating its Gluten Free Community Week – May 11-17 – by offering a 20% discount to caterers who take their online course during that week.

The online catering course is a great way to get staff to understand the needs of those in need of a gluten-free diet.”Said Jane Devonshire, Celiac Ambassador to the UK and MasterChef Champion.

It’s easy to make and highlights the principles everyone should legally have in place when offering a gluten-free option on the menu.In addition to this, you will need to know more about it.

“Research shows that people with celiac disease – as well as family and friends who they eat out with – are currently worth £ 100million a year in places that can accommodate them. So what a great time to do it now, so when it all opens up you can get started offering great food to all your customers. “

The course, lasting about an hour and a half, is aimed at all professionals in the agri-food industry and offers in-depth training on:

  • understanding celiac disease and the gluten-free diet
  • the gluten-free law
  • choosing the right ingredients and gluten-free storage
  • prepare and cook gluten-free foods
  • cleaning and personal hygiene
  • communicate with staff and customers
  • follow-up of gluten-free procedures.

If successful, a personalized Celiac UK certificate can be downloaded for viewing or added to training records.

Individual access to training costs £ 70 and can be purchased here.In addition to this, you will need to know more about it. To take advantage of the special discount, use the code: gfaware20.

Spread the word with Panera

The sandwich shop giant raises funds for Together without hungerIn addition to this, you will need to know more about it. – a campaign to help provide 500,000 freshly prepared meals to local Feeding America food banks.

The campaign is getting a boost from some of the proceeds from downloads and streams of Elektra Livingston’s new single, “Say The Word,” which was inspired by the unprecedented humanitarian crisis.

“I heard about the charity campaign with Panera to provide up to 500,000 meals to people in need due to the virus”, said Livingston.

It reminded me of words I had recently written about identifying with the pain of others and the value of asking for help, which resonated more than ever.In addition to this, you will need to know more about it.

“I was inspired to come back to those lyrics and the incorporation of a children’s choir helped bring out the meaning of ‘Say The Word’ and really spoke to the main idea of ​​Panera’s campaign – we’re all in the same boat. “In addition to this, you will need to know more about it.

Panera is also asking those who can afford to donate to the cause, where a simple donation of $ 3 will help put a freshly cooked meal on the table for someone in need. A “family meal” consists of four half-meat or cheese sandwiches made with whole grain bread, four bags of chips and four apples.

Americans are encouraged to spread the word by participating in the #SeeAPlateFillAPlate challenge by decorating an empty plate, sharing a selfie with their creation on Instagram, and tagging five friends to join the movement.

Red Star donates bread to local communities

Red Star is donating $ 50,000 food packages to food banks during the month of May.

Each week, the company – part of the global Lesaffre group – will donate $ 2,000 of bread and other items to local food banks in cities in which the company operates, including food banks. Linn Community in Cedar Rapids, Iowa, Wiregrass Area Food Bank in Dothan, Alabama, and Feed America Eastern Wisconsin in Milwaukee.

The yeast supplier is also supporting bakers struggling with the pandemic with this effort, as the 6,000 loaves of bread to be donated each week will be purchased from local bakers facing declining sales.

“When we learned that bread was needed, our teams came up with the idea of ​​buying bread from local bakers who are suffering from the closure of restaurants and small stores in response to COVID-19. “said Tom Benner, President and CEO of Red Star.

“With this program, our teams are proud to help people in need and businesses in our home towns.In addition to this, you will need to know more about it.

Great Harvest on a mission to make and give bread

The Great Harvest Bread Co. in Fairfax County, Virginia is asking Americans to donate cash, which can be converted into loaves of bread to distribute to local food banks.

For every $ 5 the business receives, it is able to make and donate a loaf of bread.

“A normal loaf of bread costs $ 8.25”,said director Jeffrey Connelly. “We brought it down to $ 5, which gives us enough money to cover the costs we have and get the bread out.”In addition to this, you will need to know more about it.

If someone donates $ 100, the company adds five more loaves of bread.

To date, the company has raised approximately $ 3,000 in donations, resulting in nine deliveries of over 1,000 loaves of bread.

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