Borders MP Michael Moore has welcomed the announcement by KPMG, joint administrators of Peter Scott & Co Ltd, that they have sold the company to Gloverall plc, who have confirmed their intention to restart production.

Mr Moore has worked closely with the administrators in recent weeks on the sales process and the issue of the holiday and social funds at the company.

Commenting on the rescue, Mr Moore said;Michael Moore MP: Borders

“It is good news that this vital local company will now restart production and hopefully will have a strong future. There has been considerable uncertainly and worry in Hawick in recent weeks and we must hope that this signals the end of those concerns.

“The top priority is to get as many people working at Peter Scott & Co as soon as possible and I welcome the new owner’s strong intentions in this respect. I am also relived that the outstanding funds due to the employees should now be paid out.

“I have kept in close contact with local employees and KPMG since Peter Scott’s went into administration. A lot of work has gone into this sale and I am delighted that as a result Peter Scott’s has now been saved.”