East Coast Bakehouse said it has exited its 100-day period of examinership, securing 78 jobs at its manufacturing plant in Drogheda, after an investment of €13m from a Danish biscuit maker.
Bisca has agreed to buy and invest in East Coast Bakehouse, providing funding for the High Court-approved Scheme of Arrangement.
This refinances the company’s secured debt and supporting its ongoing working capital requirements.
The investment has been agreed by the company’s former shareholders, key creditor groups, and approved by the High Court.
“We welcome Bisca’s decision to acquire and invest in East Coast Bakehouse. Importantly, this outcome secures the future of the business in Drogheda and the 78 jobs at the facility, which has been a key focus for us throughout this process,” the company’s co-founder Michael Carey said.
Michael Carey said that Bisca brings the scale, experience and strategic fit needed to support the next phase of the East Coast Bakehouse’s development.
“This investment reflects confidence in the strength of the business and its future potential,” he said.
“We would like to thank all stakeholders and advisers for their support throughout the examinership process, in particular our employees, customers, suppliers, state agencies and investors. We wish the new owners every success as they take the business forward into its next stage of growth,” he added.
