Australian confectionery firm Darrell Lea has been sold to Quinn family,which owns the Queensland-based VIP Petfoods.
Darrell Lea,which operated company-owned stores and sold confectionery products to network of 1,200 licensed retailers,wholesalers and exporters,entered into administration in July 2012,following a cash-flow crisis.The company had appointed PPB Advisory as voluntary administrators of the business.
With the acquisition,the Quinn family plans to restructure Darrell Lea operations,by focusing on its manufacturing and distribution capabilities to facilitate a greater access to the brands for the consumers.The new owners also plan to build a new Darrell Lea facility.
The financial details of the deal were not disclosed.
However,the restructuring plan will lead to a loss of 246 permanent and 172 casual jobs.The remaining 27 company-owned stores will also be closed.About 83 Darrell Lea employees will remain with the company.
PPB Advisory partner Mark Robinson said the deal ensures that the Darrell Lea brand and its manufacturing operations could continue to operate locally and stay Australian owned.
