New McCowans goes into administration

Scotland-based New McCowans, a producer of traditional sweets and confectionery, has gone into administration, putting 103 jobs at risk.

The company, which owns leading sweet brands such as Highland Toffee, Penny Dainties toffee and Wham bars, confirmed that Grant Thornton had been appointed as administrators.

Despite selling 140 million bars, the company posted a loss of £2.4m ($3.7m) on sales of £8.4m ($12.95m) in the 13 months up to 31 March 2010, in addition to losses in the previous year.

A spokeswoman for Grant Thornton said the company has already received some expressions of interest as the company has stopped production pending the outcome of the discussions.

In March 2005, the company went into receivership, but was saved a year later following an agreement with Principal Capital Investment, the former UK branch of Ambrosia Holdings.