Business News

Retailer Jagros ventures into bakery business

Rogaška Slatina, 31 July (STA) - Jagros, a family-run business operating a chain of retail stores in the north-east of the country, has acquired the Ptuj-based bakery Ptujske Pekarne in Slaščičarne as part of its expansion drive.

Jagros acquired the bakery and its debts from Bank Assets Management Company, taken over from the liquidated bank Probanka. The newspaper Delo values the deal at half a million euro.

CEO Boštjan Jager told the STA that the acquisition was a strategic investment and that Jagros would invest in the development of the bread and confectionery bakery.

Jagros's partner for more than 20 years, the bakery employs 60 people. Apart from retail customers, it supplies the public sector, including schools, and other retailers.

Jager said that from now on, the bakery would reinvest all of its profit into modernisation of production and expansion of sales channels.

Established in 1989, Jagros has developed into a major Slovenian family-run business known for its Jager stores.

The most recent available data shows that the company generated a net profit of EUR 6.7 million on EUR 122.4 million in revenue in 2017.

The company operated about 40 stores and employed about 580 people that year, but reported a 7.4% growth in sales for 2018 and has been expanding its retail network.

In April the company's founder Franc Jager and his wife Marija handed over to their three sons Aleš, Boštjan and Miha and the company's headquarters were moved from Podplat to Rogaška Slatina.

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