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Precisely Professor Calba. If the business nurtured the larger independents rather than trying to be all things to all men they would have had a chance. Senior management knew the issues and failed to act.

KerryFresh also failed to get the balance right between margins and volume. If you assume that 80-90% of the costs are already incurred by the time the sales person arrives at the door, then getting the price right to maximise mix, profit and volumes was essential.

Senior managers either failed to understand the dynamics and drivers of the business or they failed to act.