The poultry business revealed the plans were in the process of being finalised but failed to provide any further details.
A spokesman said: “We are currently progressing a sales process for our Holland’s Pies and Portumna pastry businesses with an interested party. We will be able to update fully once we have an outcome of the transaction process.:
According to Food Manufacturer’s sister title The Grocer, the company has struck a conditional agreement with an Irish boutique investment firm.
The poultry giant expects the deal to formally complete next week (on 6 December) following “various procedural steps”, according to a letter to employees – seen by The Grocer – from group owner Ranjit Singh and CEO Ronald Kers.
The letter revealed 2 Sisters exchanged contracts for the bakery assets with Arafura Ltd, an Isle of Man-based company and a subsidiary of Ireland-based Innvovest Holdings, which has interests in tissue paper manufacturing, food production and commercial real estate
Media reports as far back as 2018 indicated that Ranjit Singh Boparan may be placing Holland’s Pies for up sale.
The UK faces a food security crisis while consumers are ‘held hostage’ by further price rises as the cost of supplies of CO2 skyrocket overnight, warned 2 Sisters Food Group and Bernard Matthews owner Ranjit Singh Boparan.
In March this year 2 Sisters warns food inflation could soar to 15% by mid-year.
Earlier this year 2 Sisters Food Group agriculture director Nick Davies revealed ittook decisions that were “monstrous” to its business through the Covid-19 pandemic but “did the right thing.”