Administrators have been appointed for the company that owns a historic Aberdeen paper mill.
Earlier today French company Sequana, parent company of Arjowiggins, filed a notice of administration for a number of its UK firms, including Arjowiggins Fine Papers Limited, which owns Stoneywood Mill.
Now, the firm has announced that an administrator has been appointed for the process.
Keep up to date with the latest news with The Evening Express newsletter
Iain Fraser, Tom MacLennan and Geoff Rowley, partners at specialist advisory firm FRP Advisory LLP, have been named joint administrators for the firm.
Joint administrator Iain Fraser, partner with FRP Advisory, said: “The Stoneywood Mill in Aberdeen has a long tradition and reputation for producing fine and creative papers of the very highest quality for a global customer base.
“Unfortunately, the business has been severely affected by rising costs and difficult trading conditions, and the insolvency proceedings begun in France left the directors no option but to place the UK companies in administration.
“We will continue to trade the business whilst exploring all options for securing a future for the site.”
A total of 489 staff work at the Stoneywood Mill, which has been producing fine and custom-made papers since 1770.