Australian group Buderim Ginger has struck a deal to sell its loss-making baking business to an unnamed buyer for A$1.9m.

In an announcement on the Australian stock exchange today (26 September), Buderim said the price included A$900,000 for stock in trade in cash.

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The baking business makes products including quiches and pies for retailers in Australia. In the six months to the end of June, Buderim Ginger posted losses of A$8.5m – the bulk of those losses came from the baking division.

The proceeds will be used to cut debt by A$500,000 and provide working capital. The deal is expected to be complete on Monday.

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