More than 1,500 jobs have been saved at bakery company Sayers, following a management buy-out led by Sayers chairman Sandy Birnie.

The buy-out team has created a new company, Sayers the Bakers, saving 158 Hampsons and Sayers stores. 40 underperforming stores have been closed, as well as Sayers’ head office in Liverpool, with the loss of 450 jobs.

Dermot Power of appointed administrator BDO Stoy Hayward said: “Recent economic conditions have led to rising prices in the supply chain for raw materials and fuel costs. As a result of the initial review of the business, we were able to identify that the majority of the stores were performing well.”

There are 198 Hampsons and Sayers shops in the Northwest.

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