Bakery site and shops jobs saved

Ferrari's has had a high street presence in Wales for decades

More than 200 jobs have been saved at one of Wales' largest bakery chains.

Fifty Ferrari's shops have been closed for over two weeks but new owners are opening more than half of them. Around 20 of the shops will not re-open.

There has also been a management buy out of The Best Bakeries factory in Hirwaun, in the Cynon Valley which supplies stores.

Union leaders have welcomed the development, saying it was great news for the staff.

The business needs a little bit of tender loving care and investment. We can turn it around Steve Davies

A total of 32 shops have been bought from the administrators, with 28 of the premises already trading using local suppliers.

Steve Davies, the managing director of ICD Wales Ltd, the company which has bought the Ferrari's shops said: "The business needs a little bit of tender loving care and investment. We can turn it around.

"I am confident. I know how many of these villages in Wales work. When shops are re-opening it's a talking point.

"The response from the staff has been fantastic. They see themselves as providing a service to the community. It's not just a job to them," he added.

Two separate deals have saved more than 200 jobs at bakery firm Ferrari's

It is hoped the Best Bakeries factory, which employs around 40 people will start supplying the Ferrari's stores within days.

The Welsh Assembly Government has offered financial backing to help restart production at the former Best Bakeries site.

Deputy First Minister Ieuan Wyn Jones said, "Assembly government officials have worked hard to put together a package of support, including grant aid and a loan from Finance Wales, in time to make the offer of support needed to enable this deal to go ahead.

"A decision on funding had to be turned around within days to make a rescue feasible - and I am delighted that we have been able to achieve this."

"The operation has long been an important employer in Hirwaun and I hope that this new start will give it it a sound and sustainable future," Mr Jones added.

Ferrari's has had a high street presence in Wales for decades.

Earlier this month Best Bakeries factory said decisions by banks to pull credit facilities forced the factory into administration.

It had left virtually the whole chain of the Ferrari's shops, owned by a sister company, without any products to sell.

It also meant the 350 staff who ran the stores were left unsure about their jobs.

It is just over a year since the factory, which used to be Ferrari's headquarters, was taken over by Best Bakeries.