Bermuda's largest bakery business has been sold by Bermuda Aviation Services Ltd. (BAS) to CMR Ltd.

Crow Lane Bakery Ltd. has changed hands between the two companies and will now be headed up by BAS's former chief financial officer Raymond Packwood, who left his post to run the baking firm.

The move is in the interests of both parties according to BAS chief executive officer Ken Joaquin, with BAS able to focus on new business interests and Mr. Packwood pursuing his interest in the baking industry.

"It is something that has been in the workings for the last couple of months," he said.

"It is one of those things that if you are looking at where we are going, it does not really fit into what we do compared with all the other businesses we run out of BAS, and it is just made sense for us to do.

"It is something that Mr. Packwood has always had an interest in, so it has come an no real surprise that it happened.

"The bakery was something that we did well at, but not something we wanted to put a lot of focus on - we want to focus on other areas of service." An unsolicited bid was received by BAS's board of directors for the purchase of Crow Lane Bakery and after negotiations an offer was accepted, with the sale completed on Friday.

Proceeds from the sale will be used by BAS to retire debt.