Troubled cake company Inter Link Foods is showing potential buyers around its premises, including Irish food company McCambridge, "at least one other trade buyer" and financial buyers, chairman Jeremy Hamer said this week.
McCambridge, which already owns Queen of Hearts, Hussey’s Bakery and West of England Bakeries, was furthest advanced in a due diligence process, Hamer said, after it put in a revised bid for the company. "We don’t have any control over its decision-making; there remains uncertainty. But on the face of it, it is the best offer," he explained.
Inter Link, which owns bakeries around the UK and brands including Soreen, hopes to get a sale "wrapped up as soon as possible to stabilise the situation".
Meanwhile, Inter Link’s banks were offering "total support", with suppliers also supportive and supermarkets "in the short term". Trading was "OK", Hamer added. "We beat our own budget in May, but it was a sensible budget; trade is not buoyant," he said.
"We continue the turnaround process; we are seeing operating efficiencies in the factories since [CEO] Ian Croxford’s arrival."
Shares were suspended at 106p earlier this month and were likely to stay suspended until a sale goes through, Hamer said, which means that the company is not bound to make stock market announcements.