UK: Ferrari’s appoints administrators
Welsh company Ferrari's Bakery, which is owned by Cleary Foods, has gone into administration.
Cleary Foods chairman Denis Gamberoni said that the bakery has appointed administrators David Hill and John Kelly of Begbies Traynor to assume control of Ferrari's and Celtic Savouries, following a sloping year of trade for the baking industry.
"Costs are up, primarily due to higher fuel costs, increases in the minimum wage, and higher materials prices. The combination of lower sales and higher costs has meant that margins have been squeezed," Gamberoni said.
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