One of Ireland's largest bakeries, Irish Pride, has gone into receivership.

Declan Taite and Pearse Farrell of Duff & Phelps have been appointed as joint receivers of the company, which employs 340 people at manufacturing facilities in Ballinrobe, Co Mayo and Tymon in Co Wexford.

Staff have been informed the business will trade as normal while the receivers look to sell the business as a going concern.

Irish Pride is ranked as the 13th largest grocery brand and the 6th largest Irish manufactured grocery brand in the retail market in Ireland, according to Nielsen.

The company has 23 depots located across the country and it makes over 2,000 deliveries to retail partners every day.

Environmental services and investment holding group One51 sold Irish Pride last April for an undisclosed sum to WHW Bakeries.