Group finance director Andrew Montgomery said he had agreed a figure to buy the companys Haddington-based operation, which employs almost 100 staff, only a week after it fell into administrative receivership (PrintWeek, 1 November).

Hunter & Foulis appointed Kroll Buchler Phillips on 29 October due to cashflow difficulties.

The deal does not include Hunter & Foulis Wakefield operation, which is understood to have attracted considerable interest from elsewhere.

Subject to legal requirements the deal for the Haddington operation is 90% complete, which will hopefully secure all jobs at the plant, said Montgomery.

Operations director David Bisset will remain at the plant but managing director Richard Beese is on gardening leave and will not return, added Montgomery.

He had been looking to buy the business before its move into administrative receivership, as it was close to Montgomerys Haddington-based book-printing operation, Scotprint.

Montgomery Litho which also owns M&M Press and The Print People in Glasgow has enlisted the help of John Home Robertson, the Labour MSP for East Lothian, in an attempt to secure funding support for the deal from the Scottish Executive.

The Scottish Department of Enterprise, Transport & Lifelong Learning said it would be talking with Scottish Enterprise Edinburgh and Lothians to determine what assistance could be provided.

Hunter & Foulis reported a pre-tax loss of 327,204 on sales of 4.9m in the year to 31 December 2000.

Story by Andy Scott

Pictured: Richard Beese