Receivers at Hibernia Foods Group, maker of Sara Lee gateaux and Brains Faggots, said they were confident of selling the business as a going concern before Christmas.
Receivers were called in to the Dublin-based business last month after it defaulted on a loan repayment and analysts had predicted a messy break-up given the breadth of Hibernia’s portfolio, which includes frozen gateaux and cakes, faggots, ready meals and desserts.
However, Myles Halley, joint administrative receiver at KPMG Corporate Recovery, said there had been “considerable interest” in Hibernia, with “some of the largest companies in the sector” emerging
as potential buyers.
“We are hopeful that we can reach a conclusion before the Christmas holidays.”
Uniq and Texan investment group Hicks, Muse Tate & Furst have ruled themselves out as a potential buyer, while Northern Foods, Dairy Crest, Geest or Greencore were only likely to be interested in parts of the business, said analysts.