A group of dissident shareholders seeking to oust a number of directors at troubled Swiss-Irish food group Aryzta has expanded, the company has said.

Aryzta, a Dublin-listed company which owns the Cuisine de France and Otis Spunkmeyer labels, has been struggling to halt a decline in earnings, particularly in the US, and negative investor sentiment towards its complex capital structure.

The investors, led by Swiss group Veraison and Aryzta’s largest investor Cobas, are seeking to oust chairman Gary McGann and four other directors in a bid to reverse the decline in shareholder value, which is down more than 85 per cent since late 2018.

In a short statement on Monday night, the company said: “Aryzta announces that today it received a notification that the shareholder group comprising Veraison, Cobas Asset Management, and Heiner Kamps has expanded to include Michaela Kamps.”

It added that the shareholder group holds 20.01 per cent of the voting rights of Aryzta.