NORTHERN Foods, the parent company of Baxenden-based Hollands Pies, has agreed to sell part of its business for £160million - but the deal will not affect its East Lancashire business.
The move has seen the firm reach an agreement with a finance group, Vision Capital Funds, to sell its speciality bread, chilled pastry, cakes and flour milling business.
The transaction is expected to be complete by January 2007 and is subject to approval by Northern Foods shareholders.
Bosses at the firm have confirmed that Hollands Pies will not feature in the parts of the business to be sold. The deal is part of a business review made public earlier this year.
Pat O'Driscoll, chief executive, said: "The early conclusion of this process, as a single transaction to Vision Capital, is very positive for our staff and customers.
"We can now focus all our attention on our core categories to build a competitive and resilient Northern Foods."
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