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Fears over 600 bakery firm jobs Fears over 600 bakery firm jobs
(about 2 hours later)
South Wales-based bakery Ferrari's, which employs about 600 people, has gone into administration.South Wales-based bakery Ferrari's, which employs about 600 people, has gone into administration.
The bakery, whose headquarters are in Hirwaun, near Aberdare, has 60 shops in south Wales, as well as wholesale foods business Celtic Savouries in Swansea.The bakery, whose headquarters are in Hirwaun, near Aberdare, has 60 shops in south Wales, as well as wholesale foods business Celtic Savouries in Swansea.
Management called staff together on Monday afternoon and told them that the company was in administration.Management called staff together on Monday afternoon and told them that the company was in administration.
Ferrari's parent company, Cleary Foods, said that "lower sales and higher costs" had led to the decision.Ferrari's parent company, Cleary Foods, said that "lower sales and higher costs" had led to the decision.
Further substantial financial support is required for the companies and it is not available Cleary Foods statement
The company said administrators had been appointed to control Ferrari's and Celtic Savouries, which will continue to operate while buyers are sought.The company said administrators had been appointed to control Ferrari's and Celtic Savouries, which will continue to operate while buyers are sought.
A statement read: "The companies' sales are, in common with others in our industry, down on the previous year, which itself was down on 2004/2005.A statement read: "The companies' sales are, in common with others in our industry, down on the previous year, which itself was down on 2004/2005.
"Costs are up, particularly due to higher fuel costs, increases in the minimum wage, and higher materials prices."Costs are up, particularly due to higher fuel costs, increases in the minimum wage, and higher materials prices.
"The combination of lower sales and higher costs has meant that the margins have been squeezed."The combination of lower sales and higher costs has meant that the margins have been squeezed.
"In view of the foregoing, further substantial financial support is required for the companies and it is not available.""In view of the foregoing, further substantial financial support is required for the companies and it is not available."
Welsh Conservative enterprise spokesman Alun Cairns AM said it was worrying news which "could not have come at a worse time of the year".
Mr Cairns claimed it was "yet another example of a Welsh business feeling the brunt of both UK and assembly government economic policies".
"I very much hope that a buyer can be found quickly to take on Ferrari's employees and its network of shops," he said.