The jobs of nearly 1,000 workers - including more than 400 in the West Midlands - have been saved following the sale of three bakeries and a distribution centre by the administrators of Harvestime and Fresha Bakeries.
Joint administrators Myles Halley and Richard Hil, from KPMG Corporate Recovery, yesterday said the deal will see three bakeries at Walsall, Leicester and Peterborough ? all part of the collapsed Rathbones business - operating under the name Harvestime (2005) Limited.
This is a new company established by John Bridson and Phil Taylor, former directors of Harvestime in Walsall.
Mr Halley said: "I am delighted that we have managed to sell these remaining bakeries as going concerns.
"Not only has this saved nearly 1,000 jobs, but the sale also ensures that customers will continue to be serviced and that suppliers will have ongoing business."
He added: "I would like to thank all employees, customers and suppliers who have worked with my team to achieve this outcome which will benefit all parties. I also wish the new owners the best of luck with their business going forward."
Mr Bridson, managing director of Harvestime (2005), also said: "We would like to thank everyone for support during this difficult period.
"After three years of turmoil and change we are pleased we have saved the jobs in Walsall, Peterborough, Leicester and Carlisle.
"We have had excellent support from our customers and look forward to building on that."
While all jobs have been secured at the bakeries in Walsall, which employs more than 440 staff, the Fresha bakery in Leicester and the Rathbones bakery in Peterborough, ten redundancies will be made at the distribution centre in Carlisle.
Earlier this month the joint administrators announced the sale of other bakeries at Wigan, Wakefield and Middlesbrough to Rathbone Kear, a new company majority owned by WM Morrison, securing more than 400 jobs.
Rathbones, which had 1,550 staff nationally, went into administration early last month after failing to overcome tough trading conditions and a fire at its Carlisle factory in February.
The company had sales of #100 million last year and supplied Tesco and Morrisons.
Supermarket group Morrisons, which took own-label bread from Rathbones before it went into administration, said its deal would ensure continuity of supply for Morrisons and other retailers.
It said the arrangement would also help to provide continued employment for 'a substantial number' of Rathbones' staff.
Rathbones was bought from the Irish-based Greencore by Finedon Mill, of Northampton, for #20.6 million in April last year, alongside a separate deal for the Harvestime and Fresha Bakeries from William Price & Sons.
The newly created company captured about 15 per cent of the market for private-label bread for supermarkets in Britain.
As well as difficult trading conditions, Rathbones' Carlisle site was gutted in a fire that cost it millions of pounds. About 185 people worked at the factory.