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Irish Pride Bakeries Enters Receivership

Bread manufacturer and distributor Irish Pride Bakeries has gone into receivership, it has emerged after its staff were told yesterday.

While the company confirmed the news to The Journal, it said it would not be issuing a statement at this time.

However, in a statement to The Journal, Duff & Phelps Ireland, which will oversee the receivership, said it was committed to continuing to trade the business, “with the aim of maintaining the supply of product to the market”.

Irish Pride Bakeries has operations in Mayo and Wexford, and employs 340 people. It also operates 23 depots across nationwide and makes over 2,000 deliveries per day.

In a letter quoted in The Mayo News, its managing director John Keenan expressed regret over the news and explained, “This development comes against the background of difficult trading over time, and results ultimately from particular market and cost pressures.”

The letter also said that the directors remain ‘confident’ in the company’s future trading position.

 

© 2015 - Checkout Magazine by Jenny Whelan.

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