The management of Freshways Ltd, the sandwich maker, has bought the company from the Kerry Group.

Company directors Diarmuid Shanahan and Garrett Fitzgerald purchased the company for themselves after working at the company for two decades. Finglas-based Freshways employ 170 people.

Kerry Group, which saw revenues in its consumer foods business fall 6.5% last year to €1.6bn, continues to restructure the underperforming consumer food division. Operating profits were down almost 3% to €129m despite an increase in volume and higher prices.

While trading margins did increase to 8% in 2013, the company is attributing the increase to operational improvements rather than top line margin growth. This shows the continued pressure as a result of weak consumer demand and intense retail competition.

The division accounts for only about a quarter of Kerry’s sales, and with margins trailing 58% below the ingredients division (12.9%) it looks increasingly likely that further underperforming non-core business may be held for sale.