Receivers call for Irish Pride bids by Monday
Published 13/06/2015 | 02:30
Prospective buyers have been told to indicate their interest in the Irish Pride bakeries by the close of business on Monday, after receivers took control of the company.
Fears were raised for 340 jobs mainly in Mayo and Wexford after joint receivers Declan Taite and Pearse Farrell of Duff & Phelps were appointed to take control of Irish Pride's bakeries, one of the country's biggest and best-known grocery brands.
However, staff have been told the business will trade as normal while the receivers look to sell the bakery group as a going concern.
The sale process is already underway, with advertisements seeking bids for the entire business placed in weekend newspapers.
Irish Pride is the country's second biggest bakery business, with nation wide distribution and sales of around €50m a year.
It operates two major manufacturing sites in Taghmon, Co. Wexford and Ballinrobe, Co. Mayo as well as regional depots.
The surprise receiverships comes little more than a year after investment company One51 sold Irish Pride for a reported €6m in April 2014, to WHW Bakeries, which is controlled by Dublin based investors Garret and William Lloyd.
That deal was backed by UK-based lender Close Brothers, which registered charges over the company assets last year after the deal was done, putting it at the head of the queue to recoup money from a sale.
Irish Pride emerged out of the combination of 12 regional bakeries including Kiely's and Keating's.