Devon Desserts and BG Foods have been purchased from receiver Grant Thornton by Greenleaf Foods a specially formed management buy-out company.
Acquisition is subject to Greenleaf's four to five-week review of the businesses, involving management restructuring.
Michael Coles interin head of Greenleaf and Devon Desserts during the period explained: "Issues related to performance and the commercial state of the business need to be resolved." But he said the chilled and frozen yogurt and dessert firms, with combined annual sales of £40m, were "good businesses with opportunities for development."
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