The Tea Time Express bakery in Dublin which has been in business since 1938 is to close with the loss of 30 jobs.

The bakery, in Chapelizod Industrial Estate, recently took part in the RTÉ show The Takeover, which aimed to help the business survive the recession, but it will cease operation on December 21st.

Managing director Donal Hogan said he was devastated but claimed it was a logical move.

“The figures just do not add up,” he said. “Sales are down, but the cost of raw ingredients has been increasing significantly over the last three years. It has been particularly bad over the last 12 months.

“We are all just devastated. Some of the staff have worked there for around 30 years. They have dedicated many years of their life into working for the business.”

Mr Hogan said he hoped the bakery would be back in business in time. “There is a strong possibility that it could return . . . but it is up to someone else who wants to pick it up.”

Tea Time Express distributed to more than 1,000 shops throughout Ireland.