A much loved bakery brand is to close several of its outlets across the region after the managing director revealed they were losing money “hand over fist.”
Last week Northampton-based firm Oliver Adams announced it was to close two of its bakeries in Rugby and one in Daventry.
“There are a number of shops that aren’t profitable any more - it’s simple we have just got to close them. They are losing money hand over fist.”Mark Jarvis
And today, managing director for the century old company Mark Jarvis has further confirmed two of the popular bakeries in Northampton are to close, as well as the one in High Street, Newport Pagnell.
Mr Jarvis said: “What is happening with the business is we are trying to restructure a little.
“There are a number of shops that aren’t profitable any more - it’s simple we have just got to close them.
“They are losing money hand over fist.”
Oliver Adams will continue to operate 18 outlets across Northamptonshire, Buckinghamshire and and Bedfordshire - including it’s shop in Leighton Buzzard.
The bakery in Newport Pagnell will close as soon as the lease expires and the company will also not seek to renew leases on four already vacant units in Birmingham area, which failed to make a trading impact in the city.
Mr Jarvis said job losses are inevitable in the company.
“We just had too many shops close to each other in Northampton,” he said.
“If anything they were taking business from each other.
“There will be some jobs lost, but knowing what we were planning we haven’t been replacing staff in recent times.
“We are transferring some people to other shops as well, so we are trying to minimalise job losses as best we can.”
Mr Jarvis said he has no intention to change the Oliver Adams brand as part of the restructure, and it will continue to operate its factory in Gladstone Road.
Though he did say the company will look at “refreshing the products” the brand offers.
“Our bread offering is very much a popular demand with us.
“We need to look at some of the other lines and maybe consider introducing new products,
“The brand itself I have thought about at great length, I don’t think it would help changing the way it is at the moment.”
Oilver Adams has roots stretching back to Victorian times and was founded by master baker Thomas Adams, who came to Northampton to learn the trade from Flore aged 16.
The company had passed on to his descendants over the course of a century until Mr Jarvis and business partner Martin Denness bought Oliver Adams last year for an undisclosed fee.