Scotland's Curtis Fine Papers Ceases Production
Jan. 28, 2008 - Scotland's Curtis Fine Papers has shutdown its paper mill in Guadbridge, after calling in administrators KPMG Restructuring last Thursday.
Of 260 staff, 80 have been retained to keep the company trading while the administrators attempt to find a buyer, leaving 180 people out of work.
According to a news report, Blair Nimmo and Gary Fraser of KPMG Restructuring have been appointed as joint administrators by the company's directors.
"It is with regret that we have had to make substantial redundancies across Curtis Fine Papers operations and we are working with government agencies to ensure the employees' issues are dealt with as best as possible," Nimmo said.
The company had experienced significant increases in energy and raw material costs and a general decline in the availability of credit.
Adding to its financial troubles, the company had planned to sell a surplus area of land to raise funds, but poor conditions in the real estate markets hindered the sale..
Curtis also explored several opportunities to sell the business, but these were not successful.
The paper mill dates back to 1873, when William Haig and two of his sons formed the Guardbridge Paper Company to find a more profitable use for their Seggie whisky distillery which had been established there since 1810.
The mill went into production in 1874.
As the mill developed the village grew around it, with new housing and roads to attract and accommodate workers. Before the First World War the labour force reached over 400, reaching a peak of 620 in the late 1950s.
Curtis Fine Papers specializes in the manufacture and supply of quality uncoated fine paper for the UK and international markets.
SOURCE: News Reports