DUBLIN: Millions of euro in compensation is set to be paid to suppliers adversely affected by the recent move into receivership of leading bakery firm, Irish Pride.
While it was confirmed last week that Irish Pride has been bought out of court protection by rival company, Pat the Baker, the brief move to receivership in June affected a number of suppliers via unpaid invoices.
The Irish division of UK trade credit insurer Atradius is covering the compensation and although it has not confirmed how many suppliers will be paid, it said yesterday that it is set to pay “millions of euro” in claims to businesses hit by the receivership. It added that the payments will secure jobs which could have been lost as many suppliers were given no warning as to Irish Pride’s intentions.
Ranked as Ireland’s sixth-largest grocery brand, Irish Pride was sold by diversified investment group One51 to privately owned WHW Bakeries last year, before entering receivership two months ago.
