KPMG finds buyer for Hibernia Foods
Frozen foods business Hibernia Foods Limited has been sold as a going concern by its administrators, although one factory has had to be closed down.
Joint administrative receivers from KPMG sold the business, based at Stockton-on-Tees, to Country Style Foods Limited, a Leeds-based manufacturer of frozen foods, saving 400 jobs in the process.
The receivers were, however, unable to sell the Bridlington factory which predominantly sells frozen desserts under the Sara Lee brand, with the result that 500 people, laid off before Christmas, have been made redundant today.
Myles Halley, joint administrative receiver said: ‘The sale of the Hibernia business at Stockton is good news for the 400 employees.
However he said ‘extensive efforts and negotiations with interested parties’ to sell the Bridlington factory had failed. 35 employees have also been made redundant at Hibernia’s York head office.
Other going concern sales of Hibernia subsidiaries have saved approximately 1,200 jobs.