A consortium of former directors and private investors have acquired Unibic’s Australian arm, which went into administration earlier this month.
The group, which includes former Unibic COO Matt Forster, have acquired Australia’s fourth-largest biscuit manufacturer for an undisclosed sum.
Go deeper with GlobalData
Unibic had struggled to service its debts, which were caused by major capital investment and increased ingredients costs.
Four senior managers were involved in the buy-out and Forster will become joint MD, a spokesperson for administrators Lawler Draper Dillon said. “The investors want to stay private at this stage,” the spokesperson added.
The sale means production at Unibic’s Broadmeadows factory will restart immediately and secures 170 jobs at the Anzac biscuit manufacturer, the administrators said.
See Also:
Unibic’s debts will be restructured and capital will be injected into the business, they said.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData“There may be a small return to unsecured creditors under a deed of company arrangement, which will be presented to creditors later this month,” the administrators added.
