South Wales-based company Best Bakeries, which went into administration on Wednesday (4 June), may be saved by a management buy-out (MBO).
The bakery, which supplies Ferrari’s Fresh Bakeries’ shops, has appointed Alistair Wardell and Nigel Morrison of Grant Thorn-ton Recovery and Reorganisation in Cardiff as administrators.
Around 100 staff were employed at the factory in Hirwaun, in the Cynon Valley, which up until March 2007 traded as Ferrari’s Bakery before it was taken over by Best Bakeries.
While Best Bakeries owns Ferrari’s bakery business, the 60 retail outlets are owned by a separate company, Ferrari’s Fresh. However, both Best Bakeries and Ferrari’s Fresh share the same managing director, David Wetz. Some of Ferrari’s 350 employees arrived for work on Thursday 5 June, to find nearly all the outlets had been shut.
Commenting on the current situation, Steve Fogo, bakery manager at Best Bakeries told BB: "We are working to get a management buy-out in place to buy the bakery."
Fogo is working on a trade agreement between a new firm he is trying to set up and Ferrari’s. In terms of funding the project, Fogo said the situation was "fairly good". "We’re just waiting for one more ’yes’. We hope to be produ-cing again by Saturday."