The Irish Farmers Journal understands that Greencore has lost a large contract with Starbucks.

Shares in the sandwich maker fell 14% over the past week and it’s thought this may be linked to the loss of the Starbucks contract in the US.

The company was forced to issue a statement, following investor concerns. Greencore said that it was unaware of any developments that would change its outlook.

It did, however, note there has been some level of churn in the legacy retail part of the US business.

Specifically, it has decided to refocus its Jacksonville, Florida site on fresh products and will withdraw from current frozen product production on that site.

It said the impact on profitability will be minimal.

The UK-listed company acquired Peacock Foods, a US frozen breakfast sandwich and children’s snacks maker in a deal worth $748m last year. Shares closed on Wednesday at £1.97.