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.
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.