MBO deal saves 559 jobs at Arjo Wiggins paper plants
Deal will keep historic plants alive
Arjowiggins Fine Papers and Arjowiggins Chartham, have been sold in a management buy-out deal which secures 559 jobs across the UK, including 450 in Scotland.
The purchase, which is for an undisclosed sum, confirms talks which were first reported in the summer. The MBO team, advised by FRP Advisory, has acquired the assets through new venture, Creative Paper Holdings which was set up for the purpose.
All staff are transferring with immediate effect. The jobs saved by location are:Stoneywood, Aberdeen – 450; Chartham, Kent – 82; and Basingstoke – 27.
In January, the owner Sequana stated they had entered administration.
Arjowiggins Fine Papers operated the Stoneywood plant in Aberdeen, which has manufactured fine and custom papers since 1770, and an administration centre in Basingstoke. Arjowiggins Chartham operated the Chartham Mill in Chartham, Kent which has manufactured high-quality translucent papers since 1938.