Shares in Cuisine de France owner Aryzta jumped by almost 12% yesterday on the back of the troubled group launching a recovery bid which will see founder and chief executive Owen Killian leave the company and its investment strategy reviewed.

Cuisine de France owner Aryzta saw its share price dip yesterday despite it successfully launching its debt restructuring round at an attractive yield.

Aryzta chief executive Owen Killian has seen his near-€1m annual performance-related bonus ‘withheld’, pending improvement in the troubled food group’s yearly earnings.

Shares in Irish-Swiss baked foods group Aryzta fell by nearly 2% yesterday on the back of a significant fall in annual profits and management suggesting volume declines and contract renewals will negatively impact its 2017 earnings capability.

Shares in Cuisine de France owner Aryzta slid nearly 7% yesterday after the company reneged on assurances it wouldn’t incur any restructuring costs this year and said around 2% of its global workforce may be cut as part of ongoing cost-cutting initiatives.

Shares in Cuisine de France owner, Aryzta fell by almost 10% yesterday — making it one of the day’s worst performing European stocks — after the group forecast “erratic” revenue performance for the next 18 months.

Management at Aryzta has pledged to focus on recovering the food group’s underlying growth potential, on the back of a disappointing set of annual results where recent acquisitions provided the only real high point.

Agri-services group Origin Enterprises has been touted as a potential takeover target, within the analyst community. There is speculation that former majority shareholder Aryzta may further reduce its stake in the business.

Revenues at food company Aryzta climbed by more than 13% to over of €970m over the three months to the end of April despite flat trading in one of its core markets.

Irish-Swiss baked foods business Aryzta is using the €400m or so it will get from the near halving of its stake in Dublin-based agri-services business, Origin Enterprises to acquire a 49% stake in French speciality premium food business Picard.