Hundreds of jobs, along with paper mills in Aberdeen and Kent, have been saved after the management team at Arjowiggins Creative Papers completed a buyout of the company’s UK operations.
The eight-strong team has bought out Arjowiggins Fine Papers, which runs the group’s Stoneywood mill in Aberdeen plus an office in Basingstoke, and Arjowiggins Chartham, which operates the Chartham mill in Canterbury.
The new business, which will be run by current managing director Jonathan Mitchell, will employ 559 people, three quarters of whom are based in Aberdeen.
‘We are absolutely delighted to have secured the future of a strong and sustainable business which has such a long heritage in the UK,’ Mr Mitchell said. ‘Arjowiggins Creative Papers has world-renowned market-leading brands and products and a passionate and talented team. We are looking forward to taking steps to further strengthen the business and continue to provide first class products and customer service to our clients.’
The deal was financed by Shawbrook Bank and SQN Asset Finance Income Fund as well as a number of strategic customers. Significant financial backing has also been received from national economic development agency Scottish Enterprise.
The management team are also in advanced discussions with French administrators on the acquisition of the company’s non-UK operations which include Spanish mill Guarro Casas and Quzhou mill in China.
