Friday 20 July 2018

Irish Pride sale could be finalised next week

Irish Pride is the country's second biggest bakery business
Irish Pride is the country's second biggest bakery business
John Mulligan

John Mulligan

Irish Pride, the bakery firm that was placed in receivership in June, is likely to be sold next week, the Irish Independent understands.

It's believed that a number of bids have been submitted for the business.

Irish Pride is the country's second biggest bakery business, with sales of around €50m a year. It operates two major manufacturing sites in Taghmon, Co Wexford, and Ballinrobe, Co Mayo, as well as 23 regional distribution depots.

The receivership raised fears for 340 jobs at the company, which was sold in for a reported €6m by investment group One51 in 2014 to WHW Bakeries, controlled by Dublin-based investors Garret and William Lloyd.

Declan Taite and Pearse Farrell of Duff & Phelps were initially appointed receivers by original Irish Pride lender Close Brothers.

Just a week later, a firm controlled by US private equity group Gores bought loans attached to Irish Pride and replaced the receivers with Kieran Wallace of KPMG. Gores used a Luxembourg vehicle to buy the loans.

That Luxembourg firm, Bakers Holdings, owns Hovis bread, and is a joint venture between Gores and UK-based Premier Foods. Gores is the majority shareholder in the venture.

Irish Independent

Business Newsletter

Read the leading stories from the world of Business.

Also in Business