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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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Pretty good value considering people were paying that for 5 bedroom gaffs a few years ago!
The 1997 “business consortium” included an individual named Fergus Appelbe. In the late 1980s, Today Tonight produced not one, but two full programmes on Applebe’s conveyancing activities in Cork and Kerry. Retired Dutch pensioners were a favourite target. Instead of being struck off, the Law Society appointed him head of their Conveyancing Committee!!
To add insult to injury, he proceeded to rack up millions in property dealings, all of which the taxpayer had to bail out.
How certain individuals continue to walk the streets defies belief.
Someone should make a site for haunted properties so us normal people can buy off superstitious people for a discount.
Beautiful spot!
Superstitious bùllshit wouldn’t put me off. If only I was an oligarch.
I’d rather own a cardboard box in Dublin than live with the culchies
Ye west Brits wouldn’t be welcome in real Ireland anyway !!
Ye west Brits wouldn’t be welcome in real Ireland anyway !!
Off with you so.
Cultchies go way u muppet there 100000 in Waterford City and least not 90% of people aren’t junkies go back to bed u fool
Ah dessie just wanted to check yis were all awake. I love yis all really
Seems like most of ye are sleeping in card board boxes anyway full of junkies
Boom
Would love to buy this.
Beautiful hotel and a very fine golf course.
I read this in The Times this morning. It mentions that Maurice FitzGerald took ownership of it in 1160. Pretty hard to do seeing as he didn’t come to Ireland until 1169! Bit of factual research goes a long way.
48 house’s, a hotel and golf course set on over 300 acres.. a steal at 4.5 million, no doubt it will be snapped up by the Chinese or Mr Trump
4.5 million for a 5 bed gaff?????
have your say