A corporate recovery firm has saved 500 jobs at Ferrari’s Bakery after making an as set purchase of the Welsh business on February 27.

The 60-shop bakery with central factory, based in Hirwaun, Aberdare (number 15 in British Baker’s top 50 bakery retailers list) went into administration on December 18.

Cameron Gunn is MD of the purchase vehicle which is called Best Bakeries/Ferrari’s Fresh Bakeries. He told British Baker he was very excited by the deal, which came after he looked at around 30 potential investments in the last year.

He commented: "I have moved from Croydon to Wales for this and really rolled my sleeves up. It is a pleasure to get to work on this. The company has a great customer base." He added that he had no plans to decrease headcount or close any shops; quite the opposite, he would bring in expertise on the manufacturing and retail side and develop the business.

None of the former senior management were involved with the deal, he said. He would review range over the next year with significant changes, he added.

He said: "Ferrari’s is a well-established name on the high street and we look forward to building on its reputation as a seller of high-quality bakery products."

The business was advertised for sale by administrator Begbies Traynor, alongside its sister company Celtic Savouries. Begbies Traynor said it closed Celtic Savouries on February 20, following feedback from potential buyers that it would need too much capital investment. One equipment supplier had removed his kit.

The previous owner of the businesses, Cleary Foods, had blamed lower sales and higher costs for the downturn in the company’s fortunes.