CORSIE Group, the firm founded 11 years ago by former world bowling champion Richard Corsie, has been sold out of administration to an Australian bowling equipment manufacturer.
A total of 19 jobs are to be saved when Corsie, which sells products from artificial bowling surfaces to flavoured teas under the Jackie Chan brand, is taken into the hands of a consortium led by Henselite (Australia).
Henselite, founded in 1930,
which is the world's biggest maker of lawn bowls, was Corsie's main supplier on the bowling equipment side of its business.
Eight workers lost their jobs last month when Corsie slipped into administration after a period of poor trading and a write-down in stock levels.
Its problems became evident in April, when it suspended trading of its shares and four directors quit within a month. The only original director to remain with the firm is sales director Graham Robertson.
The new firm, to be called Crystals, will include the three Corsie Group divisions of Greengauge Sports, Greengauge Surfaces and Kaloss. It is to continue trading from its headquarters in Haddington, East Lothian.
Joint administrator Blair Nimmo, of KPMG, said: "I am delighted we have managed to sell the business as a going concern. The main supplier has become the owner, which made a lot of sense."
Mark Hensell, managing director of Henselite, added: "We are delighted to have acquired Greengauge Sports, Greengauge Surfaces, and Kaloss International.
"Our involvement is positive news for our customers, suppliers, and staff."
The full article contains 252 words and appears in The Scotsman newspaper.
