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| Version 2 | Version 3 |
|---|---|
| Bakery chain is 'in liquidation' | Bakery chain is 'in liquidation' |
| (10 minutes later) | |
| The owners of a bakery chain have confirmed that the company has gone into liquidation. | |
| Staff at the 25 Ferrari's remaining stores across south Wales have been told to shut up shop and return keys. | Staff at the 25 Ferrari's remaining stores across south Wales have been told to shut up shop and return keys. |
| Steve Davies, from the parent company IDC Wales Ltd, told BBC Wales that the decision was taken on Tuesday after a meeting with financial advisers. | Steve Davies, from the parent company IDC Wales Ltd, told BBC Wales that the decision was taken on Tuesday after a meeting with financial advisers. |
| In October, Ferrari's closed seven stores in the south Wales region with the loss of 43 jobs. | In October, Ferrari's closed seven stores in the south Wales region with the loss of 43 jobs. |
| Ferrari's has had a High Street presence in Wales for decades. | |
| 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. | 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 in a management buy-out and resumed production. | |
| I have got three young children, how am I going to explain to them about Christmas | I have got three young children, how am I going to explain to them about Christmas |
| Lynn Quick, Tonypandy store manager | Lynn Quick, Tonypandy store manager |
| Mr Davies from ICD Wales said on Friday: "After a meeting with my financial people it was advised on Tuesday that we liquated the company. | Mr Davies from ICD Wales said on Friday: "After a meeting with my financial people it was advised on Tuesday that we liquated the company. |
| "They (the staff) were told to shut on Tuesday evening and to return their keys on Wednesday. | "They (the staff) were told to shut on Tuesday evening and to return their keys on Wednesday. |
| "They're gutted, and I'm gutted. I've invested a lot of time in trying to make this brand and product work. | "They're gutted, and I'm gutted. I've invested a lot of time in trying to make this brand and product work. |
| "Everybody is upset." | "Everybody is upset." |
| It is understood that around 150 people were still employed by the bakery chain before the announcement. | It is understood that around 150 people were still employed by the bakery chain before the announcement. |
| Mr Davies said a downturn in consumer confidence was to blame for the decision, and said an official statement from the company would be released later on Friday. | Mr Davies said a downturn in consumer confidence was to blame for the decision, and said an official statement from the company would be released later on Friday. |
| Customers | Customers |
| However, one store manager said she would keep her shop in Tonypandy open for the day, to honour orders made by customers. | However, one store manager said she would keep her shop in Tonypandy open for the day, to honour orders made by customers. |
| Lynn Quick said that she and her staff have been told they will not get the five weeks pay due to them. | Lynn Quick said that she and her staff have been told they will not get the five weeks pay due to them. |
| "To be honest we were told yesterday (Thursday) to hand over the keys for the shops, take whatever takings we could, and that would be our wage. | "To be honest we were told yesterday (Thursday) to hand over the keys for the shops, take whatever takings we could, and that would be our wage. |
| "I am opening this morning because I've got celebration cakes to give to my customers and I've got pastie orders, which me and my assistant manager have paid out of our own pocket to supply. | "I am opening this morning because I've got celebration cakes to give to my customers and I've got pastie orders, which me and my assistant manager have paid out of our own pocket to supply. |
| "I don't want to let my customers down. | "I don't want to let my customers down. |
| "I'm only doing it for today - I can't do it any longer than today." | "I'm only doing it for today - I can't do it any longer than today." |
| The shop manager said staff across the chain have been left devastated by the announcement. | The shop manager said staff across the chain have been left devastated by the announcement. |
| "I have got three young children, how am I going to explain to them about Christmas. Some of my staff are single parents - how are they going to explain. | "I have got three young children, how am I going to explain to them about Christmas. Some of my staff are single parents - how are they going to explain. |
| "It is going to hit us big time really." | "It is going to hit us big time really." |