Australian firm Unibic acquired by private consortium

By Oliver Nieburg

- Last updated on GMT

Related tags: Management

Modern Bakery Company, a consortium of senior managers and Australian investors saved Unibic from collapse
Modern Bakery Company, a consortium of senior managers and Australian investors saved Unibic from collapse
Australia’s fourth largest biscuit firm Unibic has been acquired by a consortium of private investors.

Anzac biscuit maker Unibic was on the brink of collapse after it entered administration last month and halted production as rising commodity prices hit margins in the wholesale grocery market. 

Saved from collapse

It was announced today that the Modern Bakery Company, a consortium consisting of a group of senior managers and Australian investors had saved Unibic from the brink.

The consortium said that full production of the Anzac biscuit brand and dozens of other products would resume immediately.

Jobs preserved

It added that the 170 employees at Unibic’s Broadmeadows factory in Melbourne would keep their jobs.

“The successful rescue of the business is testimony to what can be achieved with cooperation and support of all the company’s stakeholders, notably Unibic’s loyal and dedicated staff and the union which was very helpful during the process,”​ it said in a statement.

Voluntary Administrator Glenn Franklin of Lawler Draper Dillon Chartered Accountants told creditors that the sale was the best that could be achieved in the circumstances and consistent with the object of Australia’s Corporations Act to provide for as much as possible of the business to continue in existence.

Related topics: Manufacturers

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