THE owners of a bakery chain based in Cynon Valley have confirmed the company has gone into liquidation.

Staff at the 25 of Ferrari’s remaining stores across the South Wales Valleys have been told to shut up shop and return keys.

Steve Davies, from the parent company ICD Wales Ltd, said the decision was taken last week after a meeting with financial advisers.

In October, Ferrari’s – based on the Bryngelli Industrial Estate at Hirwaun – 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.

The bakery was subsequently taken over in a management buy-out and resumed production.

In a statement, ICD Wales Ltd said “After a meeting, it was advised we liquidate the company.

“The staff were told to shut on Tuesday, November 25, and return their keys the following day.

“Everybody is upset.”

It is understood that around 150 people were still employed by the bakery chain before the announcement.

The company said a downturn in consumer confidence was to blame for the decision.



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