Published Date:
09 November 2009
By Nathalie Thomas
MORE than 100 jobs have been saved at Glasgow car parts manufacturer John McGavigan after two former directors bought it out of administration.
David Taylor and Steve Mathers, both members of the previous management team, have acquired the Bishopbriggs-based firm for an undisclosed sum, administrators KPMG revealed today.
The deal saves 109 jobs in Scotland after the 87-year-old firm was forced into administration in September.
John McGavigan manufactures car parts such as dashboards, speedometers and temperature gauges. Before being placed into administration, it had a turnover of about £9 million.
New owners Taylor and Mathers said in a statement: "The manufacturing sector, and especially the automotive market, has gone through an extremely difficult time over the past year. However, we were determined to ensure the survival of the McGavigan business."
They added: "We are confident in the future of the business, even in challenging economic conditions."
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Last Updated:
08 November 2009 7:08 PM
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Source:
The Scotsman
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Location:
Edinburgh
