Hundreds of jobs saved with Arjowiggins Stoneywood paper mill sale in Aberdeen

Stoneywood paper mill

Hundreds of jobs have been saved after an Aberdeen paper mill was sold.

The future of the Arjowiggins Stoneywood plant was plunged into doubt in January after its parent company failed to sell it.

It was revealed in March that a preferred bidder had been selected, however, administrators said the negotiations had ended without a sale.

It has now been sold, with 450 jobs saved in Aberdeen, alongside 82 in Chartham, Kent, and 27 in Basingstoke.

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The Stoneywood paper mill has been operating for about 250 years.

The purchase - for an undisclosed sum - has been made by subsidiaries of a new venture, Creative Paper Holdings Ltd.

The deal has been supported with £7m of funding from Scottish Enterprise.

One worker, Chris Duncan, said: "It's just the best day for all of us here. People can start moving on with their lives, so it's great."

'Skilled employees'

Iain Fraser, joint administrator and partner with FRP Advisory, said: "After a challenging eight months for everyone, we are delighted to have concluded a deal with the management buyout team that has saved 450 highly skilled jobs in Scotland and 559 jobs across the UK.

"We wish the new management team and the staff every success with their plans for the future."

Scottish Business Minister Jamie Hepburn said he was delighted the future of the "historic" Aberdeen mill had been secured with the buyout.

He added: "This is great news for the employees and their families. The priority now is to work closely with the new owners to realise their plans for the long-term success of the business."

Steve Dunlop, chief executive of Scottish Enterprise, said: "I'm very pleased that the management buy-out has been agreed and that a future has been secured for the business and its skilled employees.

"We will now work with the new owners as they continue their proud legacy in Aberdeen and develop their plans for the future."

And Shauna Wright, regional industrial officer with the Unite union, said: "Unite are glad that after an extensive period of uncertainty for the staff and the local community the management buyout of the Stoneywood Mill in Aberdeen has been successful.

"We look forward to working with the new management structure going forward."

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