Danish biscuit manufacturer invests €13m in East Coast Bakehouse 

Irish firm successfully exits examinership after investment boost

Biscuit maker East Coast Bakehouse has successfully exited its examinership after an investment of €13m by Danish biscuit manufacturer Bisca. 

Biscuit maker East Coast Bakehouse has successfully exited its examinership after an investment of €13m by Danish biscuit manufacturer Bisca. 

The investment will secure the 78 jobs at the company's manufacturing facility in Drogheda. Bisca will acquire and invest in East Coast Bakehouse, providing funding for the High Court-approved Scheme of Arrangement, refinancing the company’s secured debt, and supporting working capital requirements.

The Co Louth firm entered examinership in January. The investment announced on Thursday has been agreed by the company’s former shareholders, key creditor groups, and approved by the High Court, according to a statement from East Coast Bakehouse.

“We welcome Bisca’s decision to acquire and invest in East Coast Bakehouse. Importantly, this outcome secures the future of the business in Drogheda and the 78 jobs at the facility, which has been a key focus for us throughout this process," said East Coast Bakehouse co-founder Michael Carey.

"East Coast Bakehouse has witnessed good growth in the past few years. Building on that platform, Bisca now brings the scale, experience and strategic fit needed to support the next phase of the company’s development. This investment reflects confidence in the strength of the business and its future potential.

"We would like to thank all stakeholders and advisers for their support throughout the examinership process, in particular our employees, customers, suppliers, state agencies and investors. We wish the new owners every success as they take the business forward into its next stage of growth.”

East Coast Bakehouse entered interim examinership as it faced financial cash pressure arising from high ingredient cost inflation, general increases in cost of doing business, and phased repayment arrangements of tax liabilities.

East Coast Bakehouse was set up in 2015, and serves brand, private label, and contract manufacturing customers in Ireland, the UK and other export markets.