A Welsh pastry business and 40 jobs have been saved, after senior management took control of the firm in a £1m deal.
Sales directors Emma Crowther and Philip Stanton, finance director Ceri Smith and operations director Mark Jones all worked for frozen food manufacturer Medway Foods, which operated three factories at Whitstable and Sheppey in Kent and Bridgend in Wales, before it fell into the hands of receivers.
They have now become majority shareholders of a new company, Pin-it Pastry, which has acquired the goodwill and assets of the Medway Foods Bridgend pastry factory.
The company specialises in the manufacture of turnovers and other frozen pastry products, which are sold to wholesale bakers and food suppliers. The company’s savoury pastry is used in pie crusts for restaurants and bars, including Vintage Inns and Wetherspoons, while its en croute pastry is used in ready meals sold by Marks & Spencer, Waitrose and Sainsbury’s.
Crowther said: "We have a very committed expert workforce and excellent niche products. Trading as Pin-it, the new company will be focused on a market we know very well, with the highest-quality products."
Stanton added: "This is a new start for the best aspects of Medway Foods, and means a future for dozens of Welsh workers."
A Pin-it statement said Medway struggled due to under-performance in its cooked meat and prepared food factories in Kent, which are not part of the deal.