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April 14, 2005

UK: Highland toffee maker McCowan’s saved

Scottish toffee maker McCowan's, has been saved a month after going into receivership, according to the BBC.

Scottish toffee maker McCowan’s, has been saved a month after going into receivership, according to the BBC.

The company’s receivers said it had been sold, the broadcaster said. 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. “It is extremely satisfying that a solution has been found to allow the business to develop under new ownership,” he said. “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.”

Earlier this year, McCowan’s 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

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