Bakery chain closes seven stores

Ferrari's shops are a familiar sight across south Wales

A bakery chain has blamed the economic downturn for a decision to close seven of its stores across south Wales, with the loss of 43 jobs.

Ferrari's shops in Mumbles, Bridgend, Porthcawl, Mountain Ash, Tredegar and Abertillery shut at the weekend. The bakery in Abergavenny closed on Monday.

The company which owns Ferrari's, ICD Wales Ltd, said people were not spending on cakes and other treats.

Ferrari's employed around 200 staff at 32 stores prior to the weekend.

The posts lost through the closures were mostly part-time ones.

Managing director Steve Davies also said their bakery in Hereford was also closed on Monday.

"It is the effect of economic times - people just aren't treating themselves," said Mr Davies.

"We explored all avenues but in the end the stores had to close."

ICD Wales Ltd took over Ferrari's in June following a two-week closure when the factory which supplied the stores, Best Bakeries, went into administration.

The bakery, based in the Cynon Valley, was subsequently taken over by a management buy-out and resumed production.

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