Penryn based bakery W C Rowe has been bought by a Luxembourg based international holding group, the company announced this morning.

The bakers, which was founded in 1949 and has shops across the Duchy, has been taken over by Iberia Industry Capital (IIC).

The group describes itself as a company which "specialises in acquiring companies with significant, but untapped potential and developing them into industry leaders."

A press statement issued by Rowe's read: "Rowe’s high quality standards, award winning, premium products and solid management impressed IIC to pursue the transaction. IIC also believes the company’s strong network of own outlets and national coverage through leading supermarkets and independent retailers is a springboard for future growth."

Rowe's said it will now be entering a period of "development and expansion." The senior management team will remain in place and will work with IIC to take the business forward. 

The company added: "It is an exciting new phase for Rowe’s, which will continue to enhance the company’s premium brand and products."