Upper Crust owner predicts 86% decrease in sales
Owners of pastry chain Upper Crust, have predicted an 86% decrease in sales for the year to end in September.
A trading report released by the company revealed that weekly sales are currently running at 76% below last year results.
The SSP owned group touted slow return to UK commuter travel as the reasoning behind its lack of profit in Britain.
However, they confirmed that trading was better for the company in continental Europe, (weekly sales are up 66% ) a factor which is likely due to rail travel recovering in both France and Germany.
Back in July the Upper Crust announced it would cut 5,000 UK jobs due to the Covid-19 pandemic.
As of this month, the company has still only opened, under a third of its 2,800 outlets worldwide.
Simon Smith, CEO of SSP Group plc, said: “Covid-19 continues to have an unprecedented impact on the travel industry and on SSP’s businesses in all geographies”.
”We have taken rapid and decisive action to reduce cost, preserve cash, and to substantially strengthen the Group’s financial position”.
He added: “It is with regret that the prolonged nature of this crisis has resulted in us having to restructure and make considerable job losses in order to protect the business”
“These are always extremely difficult decisions, and we are supporting our colleagues throughout this process”.
