The coopers sandwich company will close its factory in Nottinghamshire after a decision to raise wages.
The Coopers bakery, which was run by the family of Sir Peter Sorrentino, will be sold by a subsidiary.
The sale of the business by the Coopers family has been approved by the European Commission.
The company said it would be closing its Nottingham factory and cutting jobs.
The announcement comes just months after the UK’s top brass warned there could be “no jobs for Coopers” as they launched the Government’s job guarantee scheme.
The scheme will offer £6,000 per month for three years and £15,000 a year for six years to help those who want to start a new job or start a business.
The plan is to start work by the end of March.
The firm said the decision to cut jobs was made in order to comply with the wage increase announced by the Government in July.
“We are working to bring down the cost of our products and services to support our staff and reduce the cost and uncertainty of our business,” a spokesperson for the company said.
Coopers said it had a “sizable” workforce of around 3,000 people in the factory.
“This is a significant change for us, as we are very proud of our manufacturing capability and we want to be able to continue to meet our customers’ needs,” the spokesperson said.
The spokesperson said the company was currently looking to relocate its factory to a new location.
The company has already closed down one factory in China.
The decision to close the Copps bakery comes after an announcement by the Chancellor Philip Hammond last month that his government would commit to “making it easier for people to get jobs”.
Coopers employs around 100 people in Nottingham.
Its website lists the factory as a manufacturing plant, with production facilities in England, Scotland, Wales and Northern Ireland.
It is also a supplier to the National Health Service.
“The Copps family has built a long-standing, respected reputation in the UK for quality, craftsmanship and service, and we are proud to be part of this tradition,” the company added.
Coopers will continue to supply the NHS in Nottingham, where the Coppens live.
In a statement, the company thanked staff and customers for their support.
“Copps is delighted to announce we have been awarded an industrial award in recognition of the achievements of our team,” it said.
More to come.”
We look forward to moving our factory to another location soon and to continuing to support Nottinghamshire businesses.”
More to come.