Jobs saved after Ferrari's bought

Ferrari's, which employs 600, has some 60 shops in south Wales

Around 500 jobs across south Wales have been saved after the Ferrari's Bakery chain was bought.

The business, whose headquarters are in Hirwaun, near Aberdare, has 60 shops, and used to own wholesale foods business Celtic Saviouries which closed in February.

The future of Ferrari's has been uncertain since it was put into administration in December.

But Best Bakeries announced it had bought the business and its assets.

Cameron Gunn, spokesman for Best Bakeries, said: "I am extremely excited about the acquisition.

"Ferrari's is a well established and recognised name on the high street and we look forward to building on its reputation as a seller of high quality bakery products.

"I am particularly excited about working alongside the great team of people we have across Wales and have no doubt that Ferrari's will go from strength to strength in the months and years to come.

"I would also like to thank our loyal customers for supporting Ferrari's over the last several months."

David Hill, the joint administrator of Ferrari's and Begbies Traynor in Cardiff added: "I would like to thank everyone for their support during this difficult period and especially the employees for their patience, while we attempted to find a buyer for the business.

"I am confident that the right purchaser has bough the business and the future of savoury and bakery production in south Wales has been secured."

Cynon Valley MP Ann Clwyd said: "This can be a very good business since it produces high quality food.

"I am pleased most of all for Ferrari's workers. Knowing that Ferrari's has a bright future will be a great weight off their minds."