FARMING co-operative livestock seller Caledonian Marts (Stirling) has been bought out of administration.

Davison and Sam Woodward of Ernst & Young were appointed as administrators on Monday but have sold the business and assets to Stirling based JH Gilvear & Sons.

As a result the business will continue to run as a going concern through a new company called Caledonian Marts Ltd.

John Kyle, managing director of Caledonian Marts, said: "The Gilvear family has been a large operator in livestock for decades and know the auction system well.

"They are dedicated supporters, not just of Caledonian Marts but of other firms too, and I look forward to working with them."