The sale of the majority of Irish Pride Bakeries’ assets to Pat the Baker has reportedly been agreed for around €7m (£4.9m). 

According to the Irish Sunday Times, the sale is subject to approval from the Competition and Consumer Protection Commission and the deal comes after Irish Pride went into receivership in June.

Pat the Baker will take on the Irish Pride plant in Taghmon, Co Wexford, securing 250 jobs, However, no bidders were taken for the plant at Ballinrobe in Co Mayo and operations there will be wound down.

According to RTE News, 250 of 340 jobs have been secured by the sale. Irish Pride’s joint receivers Kieran Wallace and Shane McCarthy of KPMG said a redundancy consultation process with affected employees would soon be under way.

Irish Pride, which was sold a year ago to WHW Bakeries for an undisclosed sum, was Ireland’s second-biggest bakery business with sales of around €50m a year. It has 23 depots across the country and 170 van sales distributors, which made more than 2,000 deliveries a day.

Pat the Baker, based in Granard, employs more than 400 people, has distribution centres in Dublin, Cork, Limerick, Kilkenny, Letterkenny, Castleisland, Galway and Armagh. It makes wrapped full and half loaves, morning goods, buns, rolls and wraps.

Pat the Baker, Irish Pride and KPMG have been contacted about the deal.