Torbay Council buys Cornish pasty factory to boost finances

A cash-strapped Devon council has risked controversy by buying a Cornish pasty factory.

Torbay Council has paid £3m for the Proper Cornish factory in Bodmin, Cornwall, in a bid to improve finances.

"We all know that pasties originate from Devon but they should be investing in Torbay to help the local economy," said councillor Steve Darling.

In 2011, the European Commission gave protected status to Cornish pasties, so long as they are prepared in Cornwall.

Torbay Council is trying to grow its revenues with business investments, and has spent £100m on four properties in the last financial year.

The authority's multi-million property portfolio includes hotels, office blocks and distribution centres in different parts of the country.

Torbay Council has invested in several office buildings and shopping centres across the south west.

According to its investment strategy, the council can invest up to £200m in "opportunities and assets" to generate income.