Receivers have been appointed to Irish Pride Bakeries.

Declan Taite and Pearse Farrell, from Duff & Phelps Ireland, say they will continue to trade the business, which employs 340 people.

They say they will maintain the supply of products to the market, while looking to sell the business and assets "as a going concern".

Workers at the firms operations in Wexford and Mayo were informed by letter yesterday.

Staff have been given assurances on pay and that the change in control would not result in an interruption to trading.

Irish Pride is one of the largest bakeries in Ireland.

It has ranked as the 13th largest grocery brand, and 6th largest Irish manufactured grocery brand in the Irish retail market.

It manufactures and distributes a range of products including sliced breads, seeded breads, burger buns, sodas and confectionery.

The firm has two large bakeries located in Taghmon, Co Wexford and Ballinrobe, Co Mayo.