Belfast business Millers Traditional Bakery has announced it is trying to reach a Company Voluntary Arrangement with creditors after running into financial problems.
It said the proposal is being developed with the company’s financial and legal advisors in order to avoid liquidation and secure the maximum return for creditors and the future of the company, which employs 60 people at its Heron Road site.
Managing director William Millar said: “The sudden downturn in the economy and its impact on the competitive grocery trade has presented us with major challenges in meeting the debt of expansion in a depressed market.
“We are confident that measures can be taken that will enable us to trade out of these problems”
The High Court yesterday adjourned a wind-up petition brought by Latimer Electrical Services after lawyers for Millers outlined the efforts being made.