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Last Updated: Friday, 25 August 2006, 15:44 GMT 16:44 UK
Sweet deal saves toffee company
Highland toffee and wham bars
The firm made a number of famous sweets
A deal to save the company that makes McCowan's Highland Toffee has been reached, it has emerged.

The move could lead to jobs for many of the 150 workers at Millar McCowan who were made redundant last week.

Staff in Broxburn and Stenhousemuir lost their jobs when administrators were called in.

However a deal struck with specialist investment company Principal Capital Management will see production resuming in about 10 days' time.

The move has safeguarded the firm's two sites as well as up to 140 jobs, administrators PricewaterhouseCoopers said.

It is Principal Capital Management's first major acquisition since being set up last year.

'Exciting prospect'

The takeover will mean normal production of all the firm's famous brands, including the fizzy Wham bar and Pan Drops sweets and it is hoped as many former staff as possible will be re-hired.

Millar McCowan ran into problems after struggling with restructuring costs since being formed from the ailing John Millar and Sons and McCowan's last year.

Falkirk West MSP Dennis Canavan welcomed the agreement, the value of which has not been disclosed, and said he hoped to have discussions with new owners soon.

Manoli Vaindirlis, of Principal Capital Management, said: "This is an exciting prospect to complement and expand our confectionery businesses."


SEE ALSO
Farewell to sweet Scottish icons
15 Aug 06 |  Scotland
Highland Toffee makers to close
14 Aug 06 |  Edinburgh and East
Pan Drops saved by sweet package
02 Jun 05 |  Scotland
Future of toffee company secured
13 Apr 05 |  Scotland
Toffee company 'in receivership'
04 Mar 05 |  Scotland
Model sues sweet maker
27 Oct 99 |  Scotland

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