LONDON – 250 jobs are at risk as London bakery Grain D’Or, which made bread and croissants for Marks & Spencer and Tesco, faces closure.

Finsbury Food Group, which owns Grain D’Or, said that the business “has been historically loss-making,” in a statement on Wednesday announcing the planned closure.

“In recent years, the Company has implemented a range of initiatives to improve the business including strict cost controls and introducing new working practices,” Finsbury said.

Grain D’Or, which is based in Harlesden, North London, generated £28.5 million last year, Finsbury said, but still made a loss.

The bakery has been hit by the fall in the value of Sterling since the June 2016 Brexit vote. The pound has fallen from €1.35 to €1.09 in the wake of the referendum, making key imported ingredients more expensive.

Grain D’Or “is one of the major importers of Normandy butter – a key ingredient in the best croissants – and also one of the UK’s largest importers of Canadian blueberries,” according to the company’s website.

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Finsbury says it is consulting with Grain D’Or’s 250 employees about the business’ planned closure.