More than 100 potential investors have told the receiver of Hibernia Foods plc that they are interested in buying the company.
A spokesman for KPMG, the receiver that General Motors Acceptance Corporation (GMAC) appointed to Hibernia two weeks ago, said yesterday that in excess of 100 possible investors had expressed interest in buying all or part of the company's businesses.
After its appointment, the accountancy firm said it intended to keep Hibernia trading and, if possible, sell it as a going concern.
The company is registered with its headquarters in Ireland, and is listed on New York's Nasdaq stock exchange.
Its shareholders are mainly American and European. It operates three manufacturing plants in Britain.
The spokesman also said KPMG had secured temporary licences that would allow Hibernia to continue to manufacture and sell its main brands, Entenmann's cakes and Sara Lee desserts and confectionery.
The brands are ultimately US-owned, but the Irish headquartered company had the European licences to produce and manufacture both of them.
These licences accounted for the bulk of its business.
Once KPMG was appointed, it entered into talks with George Weston Bakeries, Canada, and the Sara Lee Corporation in the US, the respective owners of the Entenmann's and Sara Lee licences.
The North American companies granted a temporary licence, but it is understood that if a buyer or buyers for the Hibernia businesses emerge, they will have to negotiate with the licensors if they wish to retain any rights to both brands.
GMAC appointed KPMG to protect a €25 million factoring facility that it had advanced to Hibernia.
Factoring is a form of financing based on invoices and book debts.
The factor "buys" the invoices by advancing money against them and ultimately collects the debt.
Irish KPMG partner, Mr Ray Jackson, has been appointed receiver to Hibernia plc in the Republic.
Before the receivership, the group attempted to replace Hibernia chairman and chief executive, Mr Oliver Murphy, and financial director, Mr Colm Delves.
The pair went to court in a bid to halt the changes.
