Cookes Bakery is the second bread maker that McCambridge has rescued from examinership in the last 12 months. This time last year, it swooped on former rival Gills, which ran into difficulty when it lost a supply contract with a large supermarket chain.

Cookes, a gourmet bread maker ran into cash flow difficulties earlier this year and entered examinership in February with overall debts of 600,000.

Cooke blamed the bakery's problems in part on alleged disruption to the company's business, located on Dublin's East Wall road, from activity at a nearby building site.

Examiner Neil Hughes, of accounting firm Hughes Blake, presented a scheme of arrangement to the High Court last Tuesday which was accepted by Judge Finlay Geoghegan.

Under the scheme the company'preferential creditors will receive 10 cent in the euro, while unsecured creditors will receive 5 cent.

Cooke's previous business venture, catering firm Cooke's Events, went into liquidation three years ago with debts of 500,000.

McCambridge Foods employs 100 people at the Rathcoole plant previously owned by Gills in Dublin and another 100 at bakeries in London and Bristol.