In a small bowl, dissolve yeast in warm milk. Let stand until creamy, about 10 minutes.
In a large bowl, combine the yeast mixture with the egg, caster sugar, salt, butter, and 3/4 of the bread flour; beat well. Add the remaining flour, a little at a time, stirring well after each addition.
When the dough has begun to pull together, turn it out onto a lightly floured surface, and knead in the currants, sultanas, dried cherries and mixed peel. Continue kneading until smooth, about 8 minutes.
Lightly oil a large bowl, place the dough in the bowl, and turn to coat with oil. Cover with a damp cloth and let rise in a warm place until doubled in volume, about 1 hour.
Lightly grease a baking tray. Deflate the dough and turn it out onto a lightly floured surface. Roll the marzipan into a rope and place it in the centre of the dough. Fold the dough over to cover it; pinch the seams together to seal.
Place the loaf, seam side down, on the prepared baking tray. Cover with a clean, damp tea-towel and let rise until doubled in volume, about 40 minutes. Meanwhile, preheat oven to 180 C.
Bake in the preheated oven for 10 minutes, then reduce heat to 150 C and bake for a further 30 to 40 minutes, or until golden brown.
Allow loaf to cool on a wire cooling rack. Dust the cooled loaf with icing sugar, sprinkle with cinnamon and finish with toasted flaked almonds.