A silver or grey Ford sedan was seen at 4am parking outside the jewellery store, which is next to Cobb's Bakery on Bank Street.

Police said one of the bakers saw the car and "smelt a rat", calling out to his co-workers to help investigate.

Outside they saw a man with a hoodie pulled over his head holding a crowbar at the door of the jewellers.

When the offender saw the bakers coming, he fled to his car as they tried to grab him.

Police believe the car could be the same vehicle that evaded police at high speeds the same day.

One of the bakers, who asked to remain anonymous, said he saw the car pull up with its number plates taped over.

"We went out and investigated," he told The Standard.

"They bolted to the car and off they went after we tried to get them.

"I had a broom, my brother had a stool.

"They weren't really well-prepared. They were more shocked to see us than we were to see them.

"We were full of adrenaline so whatever was going to happen was going to happen.

"There were more of us than them. It was four of us outside, and another three inside."

Leskes Jeweller owner Sandra Greenberger described the bakers as "bloody champions".

"I will be dropping them a bottle shop gift voucher in excess of my insurance," she said.

"They're very brave."

Mrs Greenberger said there was another break-in attempt last year and one earlier this year.

"The front windows will be be made intruder proof with armoured glass because we've just had a gutful."

Anyone with information is asked to contact Warrnambool police or Crime Stoppers on 1800 333 000.