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Greencore to sell cakes and desserts business
Irish convenience foods company Greencore said on Monday that it has agreed to sell its cakes and desserts business in Hull to ambient cake manufacturer Bright Blue Foods for an undisclosed sum.
This sale, along with the company's announced closure of the desserts facility in Evercreech, marks Greencore's exit from the UK cakes and desserts sector. Greencore announced last May that it was planning to close its Evercreech factory in Somerset.
The company said at the time: "After a detailed review, it has been decided that there are no financially sustainable solutions to repair or replace the current facility, which is now 126 years old and in need of significant refurbishment.
"Under the terms of the proposal, the bulk of the site's current production would remain in place until April 2018."
At 1300 GMT, the shares were down 2% to 204.90p.