Iceland's Bakkavor Group said that it will close its UK pasta plant in Scunthorpe at the end of the month. The closure may lead to the loss of 107 jobs, say local press reports.

The firm reportedly blamed such a decision on the increased cost of raw materials and a declining market.

The reports add that Bakkavor completed a 90 day consultation process, but was unable to find an alternative to closure.

The news comes only 3 weeks after Bakkavor announced it had made 2 acquisitions – a 45% share in Hong Kong's leading producer of premium bakery and pastry products, La Rose Noire; and Italpizza, an Italian pizza maker