Hibernia Foods plc, the Dublin-based manufacturer of branded cakes and private-label frozen desserts, announced on Friday that the company had been placed into receivership for a financial obligation. Hibernia holds the UK licence for Entenmanns and Sara Lee cakes and also produces Mr Brain’s meat faggots.
GMAC Commercial Finance (GMAC CF) appointed its accountants, KPMG, as receivers after the company defaulted on the repayment of an asset-based lending structure reported to total Ј17.25 million.
KPMG, working closely with shareholders, will continue to run both Hibernia Foods and its UK-based subsidiary, Hibernia Foods Holdings, until a buyer can be found. KPMG have said that all of Hibernia's staff will be kept on during the search for a buyer.
