Irish Pride went into receivership in June this year and the majority of the assets have been sold to Pat the Baker by the joint receivers Kieran Wallace and Shane McCarthy of KPMG.

The purchase by the Granard-based company will save 250 jobs at Irish Pride’s Co Wexford site. However, 80 jobs at the plant in Ballinrobe are likely to be lost.

Irish Pride was sold by One51 to WHW Bakiers last year. Irish Pride is understood to have annual sales of approximately €50m.

The deal must first be approved by the Competition Authority.

The sale concluded just as the managing director of Pat the Baker, Paddy Higgins, passed away aged 61. Higgins is survived by his wife Mairead, children Melanie, Sarah, Patrick, Shaunagh and Dylan.