Spain's leading bakery group Panrico has sold four of its domestic plants, the company said today (17 April).

Panrico said it has offloaded facilities in Madrid, Valladolid, Murcia and Cordova in an attempt to reduce debts.

The company sold the sites under a 25-year sale and leaseback contract to Mereit, an investment fund managed by UK-based Matrix Property Fund.

Private equity group Apax Partners bought Panrico, which owns 11 factories in Spain and Portugal, in 2005.