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Last Updated: Wednesday, 13 April, 2005, 12:39 GMT 13:39 UK
Future of toffee company secured
McCowan's factory
The company is based in Stenhousemuir
One of Scotland's best-loved confectioners, Highland Toffee maker McCowan's, has been saved from the axe.

The sweetmaker went into receivership last month, putting the jobs of 100-plus staff under threat.

Receivers of the Stenhousemuir company confirmed on Wednesday that the firm had been sold, saving 84 jobs.

Although the business and its assets has been bought over by Sally Gardens Ltd, the company will continue to trade under the name McCowan's.

Graham Martin of receivers PricewaterhouseCoopers confirmed the deal.

He said: "It is extremely satisfying that a solution has been found to allow the business to develop under new ownership.

"During the course of the past five weeks, the commitment on the part of employees, customers and suppliers in working with us to preserve the business was exceptional.

"Particular thanks go to those who have contributed to this successful outcome, including Scottish Enterprise Forth Valley, whose support was invaluable."

When the company went into receivership last month, it was a devastating blow to the workers and their families
Dennis Canavan
Falkirk West MSP

Welcoming the outcome, Dennis Canavan, independent MSP for Falkirk West, said he hoped the new owners would maintain the company's reputation.

He added: "When the company went into receivership last month, it was a devastating blow to the workers and their families.

"Some of them were made redundant and there was a threat to all the jobs if a buyer could not be found.

"I am therefore pleased to hear that over 80 jobs are to be saved at Stenhousemuir.

"I hope to arrange a meeting soon with the new owners to discuss their plans, particularly the employment implications.

"McCowan's has a very good reputation in the confectionery industry and it was the workforce that helped to build that reputation.

"I hope the new owners will recognise that by ensuring continuity and stability of employment."

Earlier this year, the sugar confectionery manufacturer experienced difficult trading conditions caused by the rising costs of raw material, despite internal restructuring.

The company struggled to continue trading while a buyer was sought. McCowan's was established in the 1920s.


SEE ALSO:
Toffee company 'in receivership'
04 Mar 05 |  Scotland


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