18 April 2007 - According to Spanish newspaper 'Expansion', Spanish bakery and pastry group Panrico has announced that it had sold four of its plants in Spain to Mereit, a European investment fund managed by Matrix Property Fund Management, based in the UK.
The plants, located in Madrid, Valladolid, Murcia and Cordova, were sold with a view to reduce the company’s current debt. However, Panrico will continue production by leasing the plants from Mereit.
Last year, Panrico had debts of 605 million euro, adds the daily.