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A much-loved Cornish pasty business praised by the Duke and Duchess of Cornwall has been bought by an equally renowned rival.

Horse and Jockey Bakery, based in Helston and Porthleven, has been bought by Hayle pasty business Philps.

From its long trading history, Horse and Jockey has built up a reputation and loyal customer base for its flavoursome pasties.

The business has its main bakery in Meneage Street, Helston, and a second shop by the harbour in Porthleven.

Prince Charles and Camilla were full of praise when they visited the pasty shop during a royal visit to Porthleven last summer.

It was in January last year that the owners Brian and Juliette Shore put the business up for sale as they want to retire after 32 years running the bakery.

The company was marketed at £320,000 and confirmation of the exchange of contracts was confirmed this week. Completion of the deal is expected soon.

Tim Smart, of chartered surveyors Smart Commercial Property, said he was pleased to have sold one Cornish family business to another.

“They were both extremely nice families to deal with,” he said. “The exchange went through this week. My clients wish to retire.

“Philps are going to rebrand the two shops and increase the offer of quality Cornish produce. They are a long-established bakery and it’s great for them to expand where they don’t have any other outlets.”

He added that the landowner in Porthleven, Trevor Osborne, had been very helpful in extending the lease for the Horse and Jockey shop by the harbour.

The purchase expands Philps’ empire into a new area in west Cornwall. The company already has a strong customer base in its hometown of Hayle and has expanded in recent years with shops in Camborne, Praze-an-Beeble, St Ives and Marazion.

However, this is Philps first move into the Helston and Lizard area, which already has tough competition from fellow Cornish businesses Rowe’s, Warrens, Cornish Oven and Ann’s Pasties.

Company manager Sam Philp said they were delighted with the purchase, particularly cornering the market in Porthleven.

He said: “The shop in Porthleven is in a fantastic location. That was an opportunity we did not want to miss."

He said part of the deal with Mr and Mrs Shore was that all the staff be kept on. The branding will change but, crucially, pasty production will stay at Helston.

“It should be a smooth transition and we look forward to continuing the excellent work of Mr and Mrs Shore.”