Spanish food company Nueva Rumasa has put three of its businesses – including dairy firm Clesa and desserts brand Dhul – under bankruptcy protection and is looking for investors or potential buyers for them, a company official has confirmed.

The action comes as the businesses have seen sales plummet in Spain’s recession and are facing “cash flow” difficulties, the person added without providing more details.

The official confirmed Portuguese private-equity firm Megafinance Partners is looking to invest EUR70m (US$100m) in some of Rumasa’s troubled subsidiaries, which also include ice cream firm Royne and shakes company Cacaolat. Megafinance would not return phone calls.

Rumasa, meanwhile, has also cancelled an agreement to rent factory space at dairy peer Capsa. The end of the outsourcing will see all Rumasa workers transferred to the rival firm.