A&L Goodbody advises on bakery rescue deal, saving 260 jobs
Led by senior associate Sam Corbett, A&L Goodbody’s Corporate Restructuring & Insolvency team in Belfast recently acted for EY in successfully transacting a sale by Administrators of the Genesis Crafty bakery in Northern Ireland, saving 260 jobs.
The bakery, which is based in Magherafelt and produces a range of goods including pancakes, scones, cakes and bread, has been sold via a pre-pack administration to an entity associated with Paul Allen, chief executive of Tayto Group in Northern Ireland.
Mr Allen is to take a non-executive role in the company in what is a “private investment” for him and his family.
This transaction was entered into in order to achieve a better result for the creditors of the company as a whole and importantly allows the company to continue trading with the saving of a significant number of jobs.
Date published: 23 August 2018