Irish Pride Bakeries has confirmed the company has gone into receivership.

Declan Taite and Pearse Farrell of Duff & Phelps have been appointed as joint receivers to Irish Pride, who operate manufacturing facilities at Ballinrobe, Co Mayo and Taghmon in Co Wexford.

The receivers will continue to trade the business, which employs 340 people, with the aim of maintaining the supply of product to the market.

The receivers will look to sell the business and assets of Irish Pride as a going concern.

The company was sold by investment group One51 to WHW Bakeries, a business controlled by Garret and William Lloyd, for an undisclosed sum last year.

It is one of the country's biggest manufacturers of branded and own-label bread products, which it sells nationwide.

The company makes 15,500 deliveries of wrapped bread and soft rolls to retailers across Ireland every week.

Staff members were informed of the development yesterday via a letter from Irish Pride Managing Director John Keenan.

(Letter provided to RTÉ by The Mayo News)