Sara Lee saved after Australian company agrees to buy dessert brand

SINGAPORE: After going into voluntary administration last year, Australia-based dessert brand Sara Lee has been rescued after a private company agreed to buy it, Australian media reported on Monday (Jan 29).

In October last year, Sara Lee, best known for its sweet treats like cheesecakes, ice cream and pound cakes, went into administration after finding itself in financial trouble.

The company’s appointed administrator, business advisory firm FTI Consulting, then set about looking into its affairs and recommending its next steps.

FTI announced in a report on Monday that the brand was to be sold to a private company owned by Australian couple Klark and Brooke Quinn, saying that their proposal “was in the best interests of creditors”.

It added that the Quinn family had “been successful in (fast-moving consumer goods) businesses”, citing their 2012 purchase of Australian confectionary brand Darrell Lea out of voluntary administration, and its “successful turnaround”.

“We are a small Aussie family that shared in the tradition of having Sara Lee apple pie and vanilla ice cream every Sunday night at the dinner table and could not be more proud to put the Aussie-made and owned stamp on the Sara Lee brand,” Australian media reported the Quinns as saying.

The sale agreement became effective upon the receipt of a deposit on Monday, FTI Consulting said. Australian media said that the sale process would be completed in the coming weeks.

The sale of Sara Lee will reportedly save more than 200 jobs.

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