Latest news with #Wensleydale
Yahoo
13 hours ago
- Business
- Yahoo
Saputo's UK operations aid margins but European outlook tempered
Saputo's rejig of its UK operations is starting to pay dividends on margins in Europe but the dairy giant indicated they will not return to historical levels. Discussing fourth-quarter and full-year results with analysts last week, president and CEO Carl Colizza suggested the worst of the input-cost inflation pressures felt in the UK are behind the Cathedral City cheese brand owner. While Canada-headquartered Saputo does not break down the constituent components of its European operations in terms of individual markets, the UK is a key territory for the company following the 2019 acquisition of Dairy Crest. That deal took in the Cathedral City, Clover and Country Life brands, a business that generated revenues of around £457m ($619.6m at today's rate) in 2018. Saputo's European division delivered an adjusted EBITDA margin of 8.9% in the 12 months to 31 March, up from 6.9% in fiscal 2024. Colizza flagged there is some runway to go in the years ahead but with a caveat on the size of the recovery. 'One of the things that we need to keep in mind is historical EBITDA margins were 18-plus percent. What would be more normal for a European sector at this point is going to be more in the low-teens to mid-teens as an ongoing for the business,' Colizza told analysts last week. 'Our European sector, and our team in the UK specifically, have navigated through some pretty important inflationary pressures over the last several years. And the reality is that a lot of those input costs we were not able to recover from the marketplace, so it's put pressure on margins.' So-called 'optimisation initiatives' are starting to bear fruit in Saputo's UK operations, the CEO said. In April, Saputo announced job cuts at its Davidstow Creamery as the company plans to end manufacturing of certain ingredients for infant formula at the facility in Cornwall, south-west England. And in January, the planned closure of Saputo's Kirkby Malzeard site, located in Harrogate in North Yorkshire, where the Wensleydale cheese brand is produced, was announced. Saputo said it was shifting production to its dairy factory in Nuneaton, Warwickshire, where a 'major investment' has been undertaken. Challenges in the UK market also resulted in a Saputo booking an impairment charge in the third quarter of C$674m ($492.7m today). The trading environment in the country meant 'a slower-than-expected cadence of margin recovery' for its UK unit, the company explained in February. Colizza said last week the consolidation of its cut-and-wrap cheese capabilities into the Nuneaton site was 'three quarters of the way there' to completion. 'We do believe that the margin will continue to recover with all these initiatives in place,' he added in terms of the European EBITDA margin. He continued with respect to the UK: 'We do feel we're in a good place with both the balance around the branded offering into the marketplace, as well as what we do provide in the private-label sector. 'There's a greater degree of stability as well in the overall pricing specifically associated to more stabilised inflation.' Europe contributed C$106m ($77.5m) to Saputo group's adjusted EBITDA last year, up from C$75m in the previous 12 months. Revenue for the division increased 9% to C$1.19bn. For Saputo as a whole, adjusted EBITDA rose 3.7% to C$1.57bn. Revenue climbed 9.9% to C$19.06bn. "Saputo's UK operations aid margins but European outlook tempered" was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
03-04-2025
- Business
- Yahoo
Saputo jobs at risk at UK dairy plant
Dairy major Saputo said 60 jobs could go at a UK factory in the south-west of England as it ends production of ingredients for infant-formula products. The UK subsidiary of the Canada-headquartered dairy giant said the positions are at risk at its Davidstow Creamery in Cornwall, while another 20 jobs are on the line at other plants in the country. Saputo Dairy UK said in a statement provided to Just Food that it plans to discontinue manufacturing of demineralised whey (D90) and galacto-oligosaccharides (GOS) at the site in the village of Davidstow due to 'demographic shifts and changes in demand for different whey formats'. The company will instead refocus operations on producing sweet whey powder. 'Market conditions are such that we are having to take difficult, but decisive actions to simplify the business and introduce meaningful efficiencies to ensure we are best placed for the future,' Saputo said in the statement. Should the proposal move forward, approximately 80 redundancies are anticipated. Asked where the remaining 20 positions would be cut, Saputo would only say "across the rest of the UK business", declining to confirm to Just Food who the company supplies infant-formula ingredients to. Chedaar cheese is also made at the same site, the Davidstow and Cathedral City brand owner clarified. The dairy major said a decision was made in 2013 to focus on so-called "functional ingredients" such as sweet whey powder. 'It is no longer in Saputo UK's best economic interests to continue servicing the infant formula market," the company said in the statement. Saputo assured that the proposal will have no impact on its supplying farmers or cheese production. The company will be 'entering into a period of consultation" with affected employees and 'will ensure that all employees who may be impacted by this proposal are well supported'. The proposed changes are anticipated to be 'completed by the end of September 2025', the dairy heavyweight added. In February, the Canada-based parent posted a sharp rise in third-quarter losses on the back of an impairment on its UK business. The company, which also has operations across North America and in Australia, booked a loss of C$518m ($362.6m) for the three months to the end of December. A year earlier, Saputo had run up a loss of C$124m. A 'non-cash goodwill impairment charge' of C$674m linked to the group's UK arm was central to the widening losses. Meanwhile, Saputo has been closing of plants of late, mostly in the US and the UK, but also in Australia. In January, Saputo announced plans to shutter a UK dairy facility in the north of England in the wake of another site closure in the south of the country. The UK arm said it has started discussions with staff at its plant in the village of Kirkby Malzeard, located in Harrogate in North Yorkshire, where the Wensleydale cheese brand is produced. In September last year, the company announced plans to shutter its King Island Dairy operation in Australia by mid-2025, impacting 58 employees. In June, Saputo gave further details on its plans to shut down six of its US plants, two of which had already ceased operations, located in Belmont, Wisconsin, and Big Stone, South Dakota. The other four were earmarked for closure sometime in the early part of this year – two in Wisconsin at Lancaster and Greenbay, and a pair of facilities in California located in Tulare and South Gate. In 2023, Saputo UK announced the shuttering of its factory in Frome, Somerset, also in south-west England, which ceased operations in May last year impacting more than 150 jobs. "Saputo jobs at risk at UK dairy plant" was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
BBC News
07-03-2025
- Entertainment
- BBC News
Scottish kebab pie crowned UK 'pie of pies'
A Scottish butcher's kebab pie has taken the top spot as "pie of pies" at the British Pie fusion pie, made by Boghall Butchers of Bathgate in West Lothian, was crowned supreme champion at the event in Melton Mowbray, awards, hosted in the home of the pork pie, saw the unique pie beat 900 entries from across the them were a chicken tikka pie, a pie flower salmon chaï-matchaï, a Caribbean-style jerk spiced turkey pie with cranberry sauce and a butternut and malabar pie. Christine and Paul Boyle's award-winning pie has a doner kebab filling made from chicken, beef and a chilli marinade with a sweet chilli couple, of Boghall Butchers, take the title of supreme champion from Middleton-In-Teesdale Fish and Chip Shop which won with its minted Wensleydale lamb and potato pie last judge Mike Holling described the kebab pie as having an excellent overall bake and presentation, amazing pastry, a filling which was tasty and well-seasoned, that "definitely had the wow factor".Following their win, the supreme champions will be invited to Japan, to showcase the winning pie as part of the British food week in October at the Hankyu Department Store in year, the judging panel included representatives from Selfridges, M&S and upmarket department store Fortnum and Mason, as well as food writers, a Great British Bake Off winner, chefs and pie experts. Pies have been with around since the Middle Ages when they were called that time the poor ate pies made from the entrails of venison, which are called umbles - hence the expression 'to eat umble pie".Matthew O'Callaghan, chairman of the Melton Pork Pie Association and host of the British Pie Awards, said: "The pie is Britain's most important contribution to world food heritage."The British eat over £1bn of pies every year, hot-cold, sweet-savoury and now gluten free, vegan, fusion etc."These awards celebrate the skills and ingenuity of all those involved in pie-making, from traditional recipes to more exotic creations, it's been wonderful to be immersed in the collected passion for pies - traditional British fare, often showcased with a modern twist."
Yahoo
09-02-2025
- Business
- Yahoo
Saputo books loss on UK impairment
Saputo, the Canada-based dairy major, has posted a sharp rise in third-quarter losses on the back of an impairment on its UK business. The company, which also has operations across North America and in Australia, booked a loss of C$518m (US$362.6m) for the three months to the end of December. A year earlier, Saputo had run up a loss of C$124m. A 'non-cash goodwill impairment charge' of C$674m linked to the group's UK arm was central to the widening losses. Third-quarter revenues increased 17% to $4.99bn. Saputo's UK operations sit within its wider European division. The company said its adjusted EBITDA in the region rose but the impairment came from 'ongoing challenging market conditions' in the UK. The trading environment in the country meant 'a slower-than-expected cadence of margin recovery' for its UK unit. Last month, Saputo set out plans to shut a dairy facility in northern England. The company said it had started discussions with staff at its plant in Kirkby Malzeard in North Yorkshire, where the Wensleydale cheese brand is made. If the facility is closed, production will move to another Saputo plant in the country. Production at a Saputo site in south-west England ended last May. The group reported higher third-quarter revenues across all its geographic divisions on the back of improved volumes and domestic selling prices. However, Saputo said: 'Depressed dairy commodity markets, inflationary pressure and a challenging consumer spending environment has significantly impacted the company's ability to deliver against its previous expectations. Given this, we have decided to withdraw our previously disclosed long-term adjusted EBITDA aspirations.' Just Food has approached the company to ask what those aspirations were. The Canadian dairy major has been restructuring its global operations, with the closure of factories in Australia and the US. In September last year, the company confirmed its plans to close its King Island Dairy operation in Australia by mid-2025, impacting 58 employees. In June, Saputo gave further details on its plans to shut down six of its US facilities, two of which had already ceased operations, located in Belmont, Wisconsin, and Big Stone, South Dakota. The other four were earmarked for closure sometime in the early part of 2025 – two in Wisconsin at Lancaster and Greenbay, and a pair of facilities in California located in Tulare and South Gate. "Saputo books loss on UK impairment" was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
30-01-2025
- General
- Yahoo
Did you know York had ANOTHER Banks shop (but it wasn't a music store)?
DOES this corner of York look familiar? It shows the junction of Clifford Street with Castlegate. Our archive photo dates from the early 1900s and shows William Banks and Co – a popular fine grocers. The photo comes from the archive of the Yorkshire Architectural and York Archaeological Society (YAYAS) - William Banks & Co was a dealer in York hams, cheeses and other delicacies. Its location – on the sharp corner of Castlegate and Clifford Street – is now the Prezzo Italian restaurant (and previously Caffe Uno). Prezzo in the building in Clifford Street today. Photo from Google Street View William Banks & Co offered a tempting array of foodstuffs, ranging from 'breakfast bacon' and Cheshire, Cheddar and Wensleydale cheeses to new honey, marmalade, and 'Little Wensleys' cream cheese. There's no date on the photograph, but look closely and you can see the tramlines set into the surface of Clifford Street. This dates the photograph to between 1910 and 1935, when electric trams operated in the city. Join our nostalgia group online If you love delving into York's past and seeing photos and reading stories from yesteryear then make sure you check The Press every day for its regular nostalgia stories. And don't miss our eight-page nostalgia supplement every Wednesday in the paper. We also have more than 3,000 members in our online nostalgia group on Facebook, Why We Love York - Memories. It is free to join and you will find us at It would be great to see your old photos of York – and they don't have to be from centuries ago. We all love seeing old photos from our recent past, and some of our more popular stories with readers date from the 70s, 80s and 90s. If you have a nostalgia story for us, please email Please email us old photos of York too - so we can share them with our readers.
