The current management at Inter Link Foods believes it can revive the company’s fortunes, the chairman of the UK-based bakery group said today (9 May).
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Jeremy Hamer told just-food that Inter Link executives wanted to work towards a recovery despite possible takeover interest from one of the company’s largest shareholders.
Hamer said Inter Link has held talks with Irish food group McCambridge, which owns just over 9% in the company. He insisted, however, that there has been no formal takeover offer.
“We have started discussions and we are talking but it’s not an everyday occurrence,” Hamer said. “The discussions we’ve had have been more about McCambridge’s global plans. They’re ambitious, they’ve been acquisitive and they’re trying to build a European cake manufacturing business.”
Last week, Inter Link appointed a new chief executive, former Premier Foods director Ian Croxford. Hamer said Croxford is busy drawing up plans to turn around the business.
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By GlobalDataHamer said: “A takeover is not what the management is currently working on. We want to keep the company together and remain a public company. Ian Croxford is already putting a plan together.”
Inter Link, which owns the Soreen malt loaf brand, operates from 12 bakery sites in the UK, and a further bakery located in Poland. The company has issued two profit warnings so far this year. Inter Link produces private-label cakes for UK supermarkets and Hamer said the company needed to work on its own-label operations as it looks to turn the business around.
Earlier today, Inter Link said its prospective finance director decided against taking the position. Brendan Hynes first put back his decision to join the company last month after it emerged that his current employer, drinks firm Nichols, was in talks over a possible sale.
Hamer said the uncertainty at Nichols would have been a factor in Hynes’ decision. Hamer added: “We did have to bring the situation to a head – we couldn’t let it go on forever.”
