Speciality bakery giant Aryzta this week reported a more than 20% collapse in its third quarter sales, due to the impact of COVID-19 restrictions on its business. On Tuesday, Aryzta reported sales of €644m for the three month period up to the end of April, which was down almost 22% on the same period last year.

Aryzta said it has experienced a major disruption to its normal business patterns since mid-March, due to the COVID-19 shutdown in Europe and North America. This can be clearly seen in the 21% decline in sales volumes.

Aryzta also announced that it plans to schedule an EGM in mid-July to address a number of organisational issues. Last week, the group’s largest shareholder, Cobas Asset Management, moved to oust Aryzta chair Gary McGann, along with a number of other board members from the company board. Cobas wants to replace McGann, Annette Flynn, Dan Flinter and Rolf Watter on the board with its own candidates.

The group also wants Aryzta CEO Kevin Toland to step down from the company board.