Maple Leaf Foods Inc is in talks to sell its 90% interest in Canada Bread - parent company of Maple Leaf Bakery in the UK.

A special committee has been set up by the board of directors at Canada Bread, who have been advised that Maple Leaf is looking to explore “strategic alternatives” for its bakery business, including the potential sale of its 90% interest in the firm.

Canada Bread has said there is no guarantee the process being undertaken by Maple Leaf will result in the consummation of any transaction.

Canada Bread manufactures flour-based products, including fresh bread, rolls, bagels and sweet goods, frozen partially baked or par-baked breads and bagels, and speciality pasta and sauces. Its frozen arm includes UK business Maple Leaf Bakery UK.

The company is 90% owned by Maple Leaf Foods and its common shares are listed on the Toronto Stock Exchange under the ticker symbol CBY.