Wed, 21 Sep 2011 | ADMINISTRATION
Scottish sweet maker, New McCowans Ltd. - the company behind the iconic Highland Toffee brand - has entered administration for the third time in six years.
The company called in administrators from Grant Thornton on Friday after growing concerns about the future of its famed brands, some of which date back to the early 20th century. The administrators have said that they are carrying out an aggressive search for a buyer for Highland Toffee and hope to preserve the company's 200 jobs at its Stenhousemuir base.
The administration is thought to be as a result of the company's poor performance during the last few years. Accounts filed with Companies House for the 13 months to 31 March 2010 showed that the company sustained losses of £2.38 million, despite registering a turnover of £8.42 million. The losses compounded the £1.97 million losses it registered the previous year.
Highland Toffee is sold around the world, but was first made in 1922 by Creiff-born Andrew McCowan. It was bought by Nestle in 1960, then underwent a management buyout in 1989, giving it back its independence. It entered receivership in 2005, but was bought out and combined with fellow sweetmaker, John Millar and Sons, to form McCowan Millar.
New McCowan's Ltd subsequently bought that company out of administration in 2006.
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