Cakes, cookies and capital: Aryzta’s €800m dilemma

Analysts and investors are asking tough questions about the company’s audacious plan

Graph shows the fall of Aryzta’s share price from 2013-2018

Honeymoons don’t come much more turbulent than this.

Kevin Toland hasn’t reached his first anniversary as chief executive of Swiss Irish baker Aryzta, and yet he’s seen a career’s worth of trouble. He’s seen three profit warnings issued, one of which came before he was even in the big chair; the company’s share price has lost more than a billion euro in market value, and his core business has been assailed by everything ...