A 138-year-old family bakery business has been saved from closure after a rescue deal involving a food industry billionaire. After a fire left Roberts Bakery struggling, Boparan Private Office (BPO) is now taking over the Cheshire-based family business. With three production centers, Roberts Bakery was affected by a major fire  at its Northwich factory two years ago, which led to the loss of two-thirds of its production capacity for over one year, putting over 400 jobs at risk, BBC reports.

Owned by food processing entrepreneur Ranjit Boparan, BPO is now backing a management team takeover of the business. “We are proud to play a part in preserving this iconic bakery, its people, and its heritage. Frank Roberts & Sons has been at the heart of the community for over a century, and we are committed to supporting its long-term success as Roberts Bakery 1887 Ltd,” BBC quotes a BPO spokesperson.

The bakery makes bread and other bakery products at its Northwich facility, which is also its main headquarters. In Ilkeston, it makes specialty breads and in Winsford, it makes biscuits. Overall, it employs over 750 people. The group has a turnover of over GBP 96 million and produces 2.1 million loaves of bread and 1.7 million morning goods per week.

Roberts Bakery was in the family for four generations. The family is grateful for the business and staff being saved, while also expressing regret that they would not be a part of the bakery’s new opportunities. “It has been our utter privilege to have known so many of the people who have worked with us, and we wish you all our very best wishes for the future,” the family said in a statement.

The local authorities also expressed support for the business being saved, which secures more than 400 local jobs.