Sales: £312.6m (-15.7%)

Kingsmill had £58.4m wiped off its value in 2015. Only Hovis (15) has lost more, showing how hard bread has been hit in the price war.

The loss also reflects Tesco’s power. It delisted Kingsmill last March, before reinstating the 50/50 and No Crusts lines at the rock bottom price of 75p a loaf in July. Further relistings followed at the year’s end.

Of the big three bread brands, Kingsmill has the lowest average price per unit. In February owner ABF said bread prices hit an eight-year low.

New Allied MD Jon Jenkins has his work cut out, but he’s optimistic: “Following the conclusion of our five-year, £210m capital investment programme, customers and consumers are seeing the benefit of our consistently high quality products, market leading innovation and the most varied bakery product portfolio in the market,” he says.