Mathiesons Bakeries has sold a controlling stake in its company to private equity firm Symphony Investment Fund.

The Scottish craft bakery got in touch with Symphony to provide some additional fun- ding for the business, which had been struggling during the recession.

The deal was confirmed on 3 July and George Stevenson stepped down as managing director on the same day, said Catriona Stevenson, director of sales and marketing at Mathiesons. However, as part of the deal, Mathiesons will be able to buy back the controlling interest in a few years’ time.

David Orr previously of United Central Bakeries has replaced George Stevenson as MD, who has assumed the role of non-executive chairman.

In an interview with The Falkirk Herald, the former MD, who spent over 30 years in his role, said giving up control of the business was necessary to safe-guard its long-term future.

The restructure has resulted in 10 job losses, from its 450-strong workforce.

Catriona Stevenson said the company is now running as usual and there are no plans to close any of its shops or restaurants.

Mathiesons invested over £4m in a move to a new 47,000sq ft bakery on the outskirts of Falkirk in 2006. The company invested £600,00 in new equipment as part of the move.