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| Bakery site and shops jobs saved | Bakery site and shops jobs saved |
| (about 1 hour later) | |
| More than 200 jobs have been saved at one of Wales' largest bakery chains. | 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. | 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. | 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 | 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. | 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. | 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. | "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. | "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. | |
| Ferrari's has had a high street presence in Wales for decades. | 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. | 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 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 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. | It is just over a year since the factory, which used to be Ferrari's headquarters, was taken over by Best Bakeries. |