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ONE OF IRELAND’S largest bread manufacturers has entered receivership.
Irish Pride staff were told yesterday that a receiver had been appointed to the company, a source familiar with the situation told TheJournal.ie.
The company today confirmed the news, but said it would not be issuing a statement at this time.
In a statement, Duff & Phelps Ireland, which will oversee the receivership, committed to continuing to trade the business, which employs 340 people, “with the aim of maintaining the supply of product to the market.”
Receivers will “look to sell the business and assets of Irish Pride Bakeries as a going concern,” it said.
In a letter quoted today in The Mayo News, its managing director, John Keenan, expressed “considerable regret” at the development.
“This development comes against the background of difficult trading over time, and results ultimately from particular market and cost pressures,” he said.
But Irish Pride would still “trade normally” once control is handed over to a receiver, he added.
Assurances, he said, have been given that wages will continue to be paid.
TheJournal.ie understands that several staff members have not been paid for the last two weeks.
The company, which runs bakeries in Mayo and Wexford, was sold for a reported €6 million to WHW Bakeries last year.
It operates 23 depots across the country and makes over 2,000 daily deliveries.
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