Owner of the toffee producer McCowans has entered administration. The company was taken over by buy-out firm Grant Thornton.
After going into administration six years ago, the food manufacturer has experienced consistently tumultuous trading conditions. While the firm upgraded its production facilities and is able to boast of an annual turnover of £8.42m, it has now closed its production plants at Broxburn, West Lothian and Stenhousemuir, Falkirk. While these operations have ceased, the firm has made it clear it is still trading.
If a buyer is not found for McCowans, over 100 jobs could be at risk; however investment firm Ambrosia Holdings has expressed an interest in buying the business from Grant Thornton. Ambrosia rescued the firm in 2005, when it last went into administration but interest is being seen from a number of other buyers.
The area in which the factories are located is relatively sparse regarding manufacturing opportunities – something which the local community is concerned about. Ambrosia Holdings said in a statement that it was “dedicated to the retention of the 103 employees that have worked for McCowans.”