Smith & McLaurin saved

Smith & McLaurin, the labelstock manufactuer based near Glasgow, has been bought out of administration by a new company and members of its existing management team.

The firm will continue to trade under the same name and 70 staff have been kept on.

Administrator Blair Nimmo of KPMG said he was delighted to have sold the business as a going concern only two months after his appointment.

KPMG had received over 40 expressions of interest before its 2 July deadline.

Ian Mackay led the buyout of the firm, which had encountered difficulties due to increasing competition in the labels market.