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.

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.

Unibic’s debts will be restructured and capital will be injected into the business, they said.

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“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.