Baked goods manufacturer Aryzta which owns the Cuisines de France brand, has implemented a range of measures to reduce costs during the Covid-19 pandemic restrictions.

The Swiss based group said it has paused production in three bakeries in Europe and five in north America since April 30.

It has also temporarily closed other production lines within bakery plants in order to reduce capacity in line with demand.

Around 30% of its staff have been furloughed, while future capital expenditure with the exception of maintenance and health and safety has been suspended.

This the company says has yielded savings of more than €50m.

It has also postponed future Project Renew programmes where cash would be need and eliminated discretionary costs to the maximum extent possible.

Government supports across the regions it operates are also being used.

These include the partial reimbursement of salary costs, social security and pension payment deferrals, along with payroll, corporation and other tax payment deferrals.

The Executive Management Committee has taken a 30% salary reduction for three months, while the wider leadership team has accepted a 15% salary cut.

The board of directors are to see their fees reduced by 30% since the beginning of April.

The Switzerland and Dublin listed firm also announced today that it has received consent from its lenders for a precautionary amendment of its financial covenants.

The firm says it has liquidity in excess of €385m at 30 April up from €360m at 24 March.

The company says it has no material debt maturities over the coming 16-month period, with €17m due in March 2021.

It also says it has activated its full business continuity plans to maintain service levels and to meet customers' expectations.