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Arjowiggins deal on the horizon

A source at the historic Stoneywood Mill has told the Evening Express that the management buyout of Arjowiggins’ UK businesses is close to being finalised.

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A deal is imminent for Arjowiggins’ UK businesses, according to a source at the mill

Six new directors were appointed to new company AW Creative Papers Group Limited, including mill general manager Angus MacSween.

A preferred bidder had been selected for the businesses in March, but it fell through. A management buyout emerged as a possible way to save the Stoneywood and Chartham mills, as well as the site in Basingstoke, which were placed into administration in January 2019.

The new company was incorporated on June 25th, with the new directors being appointed on September 10th.

North-east Labour MSP Lewis Macdonald told the Evening Express: “If this is confirmed it is excellent news. I have supported a management buyout of the mill from the beginning and I think it’s the right way to go.

“It is important that the terms, conditions and jobs of the workforce are fully protected but I am confident that Unite the Union will work hard to ensure and protect members’ interests.

A deal here can secure the future for hundreds of jobs in a successful mill in an important industry for years to come

“A deal here can secure the future for hundreds of jobs in a successful mill in an important industry for years to come.”

Unite’s regional industrial officer Shauna Wright adds: “We are still waiting to hear if the buyout has been successful. Unite are working with the management buyout committee and we are awaiting news. We are continuing to support members through this trying time.”

Also speaking to the Evening Express, Jamie Hepburn, Minister for Business, Fair Work and Skills, adds: “The Scottish Government, alongside Scottish Enterprise, has been working extensively with the administrator, the management team and our partners to explore all options to secure the best possible outcome for this business and its employees.

“Throughout this process, I have been in regular contact with the administrator, Unite the Union and the local management, and I remain hopeful a positive outcome will be achieved.”

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