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.