Over a decade after saving the Darrell Lea chocolate brand from the brink of collapse, a Gold Coast family has stepped in to rescue another beloved dessert brand, Sara Lee, from its financial woes.
The announcement of a buy-out by a private company owned by Klark and Brooke Quinn was made today by the administrators of Sara Lee, signaling a new chapter for the company’s operations in Australia and New Zealand.
This strategic acquisition is poised to preserve 200 jobs that were at risk following the company’s financial downturn late last year.
While the financial terms of the deal remain under wraps, the move has been met with optimism.
Appointed by FTI Consulting on October 17, Vaughan Strawbridge, Joseph Hansell, and Kathryn Evans took on the role of voluntary administrators for Sara Lee amidst its struggle with debts surpassing $50M.
Known for its array of frozen desserts including cakes, pies, crumbles, and ice creams available in supermarkets, Sara Lee has been a household name since its inception in 1971, with its main production hub in Lisarow.
The company’s portfolio also extends to food service and catering operations.
Strawbridge said Sara Lee was an iconic brand and category leader, with the brand holding an esteemed position in the market.
He said there was a collective effort to sustain the business during challenging times and extended his gratitude towards the dedicated workforce and management team, whose commitment to excellence ensured the continued production of high-quality products throughout the administration period.