THREE hundred workers have had their jobs saved for the second time in six months.

Staff at the former Hibernia Foods factory in Oakesway, Hartlepool, now have their third set of bosses after a management buyout rescued the ailing plant.

The workers were thrown in to turmoil last December when Hibernia collapsed with debts of £17.5m.

Staff had a reprieve when receivers found a buyer in Freshbake Foods but this was shortlived when that company also plunged into administration.

Now they will have to put their faith in a management buyout which believes it can save the operation.

PricewaterhouseCoopers' Russell Cash, the joint administrative receiver, announced last night that the business has been transferred to a new company, Bonne Bouche Limited.

This has been set up by a management buyout team led by Wayne Hitchman, the sales director of Freshbake.

All 300 workers have been transferred to the new company.

Mr Cash said: "We would like to thank the suppliers, customer and especially the employees for their support and co-operation during the last month, which enabled us to continue to trade and achieve a successful sale of the business."

The company produces a range of branded and own-label products.

Mr Hitchman said: "Bonne Bouche Limited will be at the forefront of quality and innovation that will provide our customers with unique and exciting desserts."

The Oakesway factory was one of three in the region- two in Hartlepool and one in Stockton - which was owned by Hibernia.

The three factories were sold off to different buyers.

Kerry Foods bought Hibernia's ready meals business in Brenda Road, Hartlepool, which employed 200, and Leeds-based Countrystyle Foods bought its site in Preston Farm, Stockton, where 400 people worked.

Kerry later reduced its Hartlepool workforce to 130.

It was believed that Freshbake's purchase of the Oakesway site would save the jobs of most of the 400 workers there.

But, the Salford firm had to call in receivers from PricewaterhouseCoopers after unsuccessfully attempting to raise additional finance to restructure the business. PricewaterhouseCooper was forced to lay off 100 staff.

Freshbake was itself established following a management buyout from US parent company, Vlastic Foods International in 2001.

At one stage, it employed nearly 1,000 staff at three locations in the UK - Salford, Glasgow and Hartlepool.