UK: Inter Link sold after going into administration
Inter Link Foods has been sold to Irish food group McCambridge after today (20 July) going into administration.
The future of the UK baker, the maker of malt loaf brand Soreen and private-label cakes for UK supermarkets, has been the subject of intense speculation in recent months.
Profit warnings, falling sales, management changes and takeover talk raised questions over Inter Link and forced the company to conduct a review of its business.
Last month, chairman Jeremy Hamer told just-food that Inter Link was considering "a number of offers" to revive the business after a breakdown in takeover talks with McCambridge.
However, McCambridge today snapped up the business after Inter Link asked to be taken into administration. Hamer, chief executive Ian Croxford and fellow director Colin Davies have resigned their positions at the company.
"Immediately following the grant of the administration order the joint administrators sold the business and assets of the company to McCambridge Group," Inter Link said in a statement to the London Stock Exchange this afternoon.
Companies: Inter Link Foods
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