Henry J Beans in distressed sale

Food and Drink Group (FDG) has gone into administration with business advisory firm, BDO Stoy Hayward, having broken its banking covenants, it emerged on Wednesday night.

As a result, BDO has sold 17 of FDG’s bars to Mainpaint, which is backed by UK private equity group NBGI.

“A reduction in the amount of disposable income as a result of the current economic climate has played a role in the group’s difficulties,” said BDO administrator, Shay Bannon.

“Securing a going concern sale of the business, which will protect 300 jobs, is positive news for the employees and the industry as a whole,” he added.