The 138-year-old Firkins Bakery did run 54 bakeries in the region but, apart from rising input costs, it had also struggled in recent years through competition from other High Street chains.
Managing director Ian Bolderston said: “This is an awful position to find ourselves in. In the past year, the price of ingredients, electricity and gas have soared, meaning the overheads to the business have become crippling.”
He added: “We have been searching for the funds required but have finally come to the conclusion that in its current format the business could not survive. We are very sorry to the staff and suppliers.”