Dublin’s McCambridge Group has tabled a formal offer for rival company Cooke’s Bakery, currently in examinership, the Irish equivalent of receivership.

Accountant Neil Hughes, who was appointed examiner of Cooke’s in early February, will ask the bakery’s creditors and shareholders to approve the sale at a series of meetings this month. Under the arrangement, they will receive a percentage of what they were owed, and the company’s debt will be restructured. If the deal is sanctioned by the creditors, it will be put to the High Court for final approval over the coming weeks.

Cooke’s Bakery, a wholesale baker that supplies firms inclu-ding Tesco, is owned by Dublin restaurateur Johnny Cooke.