SINGAPORE: After going into voluntary administration final yr, Australia-based dessert model Sara Lee has been rescued after a non-public firm agreed to purchase it, Australian media reported on Monday (Jan 29).
In October final yr, Sara Lee, greatest recognized for its candy treats like cheesecakes, ice cream and pound desserts, went into administration after discovering itself in monetary bother.
The corporate’s appointed administrator, enterprise advisory agency FTI Consulting, then set about wanting into its affairs and recommending its subsequent steps.
FTI introduced in a report on Monday that the model was to be bought to a non-public firm owned by Australian couple Klark and Brooke Quinn, saying that their proposal “was in the most effective pursuits of collectors”.
It added that the Quinn household had “been profitable in (fast-moving shopper items) companies”, citing their 2012 buy of Australian confectionary model Darrell Lea out of voluntary administration, and its “profitable turnaround”.
“We’re a small Aussie household that shared within the custom of getting Sara Lee apple pie and vanilla ice cream each Sunday evening on the dinner desk and couldn’t be extra proud to place the Aussie-made and owned stamp on the Sara Lee model,” Australian media reported the Quinns as saying.
The sale settlement grew to become efficient upon the receipt of a deposit on Monday, FTI Consulting mentioned. Australian media mentioned that the sale course of can be accomplished within the coming weeks.
The sale of Sara Lee will reportedly save greater than 200 jobs.