Irish Pride Bakeries, one of Ireland’s biggest plant bakeries, has confirmed that it has gone into receivership.

The receivers, Declan Taite and Pearse Farrell of Duff & Phelps, have reportedly said they will continue to trade the business, which employs 340 people in manufacturing facilities at Ballinrobe, Co Mayo, and Tymon in Co Wexford. This is according to RTE News.

They will then look to sell the business and assets of Irish Pride.

A letter on from managing director John Keenan read: “It is with considerable regret that the directors of Irish Pride wish to advise that it is anticipated that the company will later today (June 11) come under the control of a receiver.

“We are assured that this change in control will not result in interruption to trading.”

The company makes 15,500 deliveries of wrapped bread and soft rolls to retailers across Ireland every week. The receivers have reportedly said that the aim is to maintain product to market.