Eighty jobs have been saved with the news that Kelso-based engineering firm, Border Precision, has been rescued from administration.
A deal was finalised on Friday that saw Tweed Renaissance Investors Capital (TRI CAP), the locally-based business angel syndicate, confirm its support for a management buyout of the company from administrators Grant Thornton.
More than 20 members of the syndicate have committed what is said to be a significant six-figure sum to the investment.
Border Precision, which went into administration earlier this year, has operated in Kelso since 1976 and is known for its high-quality engineering products, particularly for the defence and medical industries.
The founders of the TRI CAP syndicate include some of the region’s leading business people.
Two of the TRI CAP board, Ian Douglas and Gavin Stevenson, will join the board of the Kelso company and TRI CAP chairman, Rob Dick, said the group was pleased to support the Kelso management in its investment.
“This business is of strategic importance to both Kelso and the Borders and we have real faith in the future of the company,” Mr Dick commented.
Graham Young, a director at the firm, which will now be known as Border Precision Engineering Limited, said the deal was great news for the workers and the town.
“There will be some internal changes but other than that, the company will function as it has done,” he told us.
Local Scottish Borders Council member Alec Nicol added: “This is a great outcome for the local community and reinforces the Border’s reputation for excellence in manufacturing engineering.”
Local Conservative MSP John Lamont also welcomed news of the rescue deal: “While it is disappointing that some staff have already been laid off over the last few months, I know that those still working for them will be relieved to still be in a job.”