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Irish Pride goes into receivership


Irish Pride goes into receivership

Well-known Ballinrobe-based company tells employees the company will still ‘trade normally’

Ciara Galvin

EMPLOYEES of Irish Pride were told yesterday (Thursday) that the company has gone into receivership.
Staff at the company’s bakeries in Ballinrobe, and Taghmon, Co Wexford were handed letters to inform them ‘with considerable regret’ that the company would come under the control of a receiver.
The letter, seen by The Mayo News and signed by Managing Director of the company, John Keenan, went on to say that the change in control would not result in an interruption to trading and  the company would ‘trade normally’.
It was reported in national media last year that the bakery, owned by One51, was set to be sold for €6 million.
Staff at the Ballinrobe plant feared they would not receive wages in light of yesterday’s development, but the company said ‘an assurance has been sought, and given, that wages will be paid’.
The letter to staff went on to detail the reason for the change of control over the established bakery, which employs over 60 staff in Ballinrobe and 340 people in total.
The letter stated: “This development comes against the background of difficult trading over time, and results ultimately from particular market and cost pressures.”
The letter concluded by saying directors were ‘confident’ in the future trading position of the company which is largely reliant on a very strong production, distribution, and sales capacity.
Irish Pride has approximately 23 depots across the country and 170 van sales distributors, who make over 2,000 deliveries each day.
Last night (Thursday) security was visible at the bakery on Ballinrobe’s Abbey Street, and it is understood production is proceeding as normal today.
The appointed receivers are Declan Taite and Pearce Farrell from Duff and Phelps Ireland. Speaking to The Mayo News, a Duff and Phelps spokesperson said that the aim is to maintain production, supple and distribution as normal and to sell business and assets of Irish Pride as going concern.