DOZENS of bakery workers and one of the country's best known private investors are sitting on a tasty profit after buying a slice of a Blackburn cake firm.

Jim Slater, a city-based investor known for backing fast growing companies, owns almost 150,000 shares in Inter Link Foods which he bought for just over £1 each a year ago.

Since then the firm's shares have more than doubled. The shares have risen further to £2.60 -- their highest ever level -- thanks to favourable comment on the firm's prospects in the financial press.

The strong performance of the firm's shares has made Mr Slater a paper profit of around £240,000. Mr Slater originally bought 253,300 shares in Inter Link but has since sold some as the price rose.

He now owns just over three per cent -- 147,250 shares -- in the firm, which operates Crossfield Foods in the town.

Staff at the firm, which manufactures cakes including cherry bakewells for major supermarket chains, are also sitting on a paper profit thanks to the company's share option scheme under which they subscribed to buy shares at 78p. It is believed most of the firm's Blackburn staff joined the scheme.

Inter Link has been one of the most successful firms on the stock market since it was floated on the stock market at £1.10 a share in August 1998.

The firm was set up six years ago to buy out loss-making Crossfield Foods, where jobs were at risk.

The firm now makes a healthy profit and is expanding with purchases of other bakeries around the country.