H Grossman, the toy importer and wholesaler, has turned in a £3m pre-tax profit for the 2016 calendar year, reversing a £600,000 loss the previous year.

The change in fortunes at the Glasgow business came after it was re-acquired by Martin Grossman, who had sold the firm in 2015.

Since Mr Grossman returned to the business as managing director he has “aggressively importing new and exciting products to both stabilise the business,” he said.

Revenue at the business fell by £2m to £6.2m in 2016. In 2014, the year before it was sold, turnover was £19.4m.

The 2016 accounts were boosted by the payment of a £3.8m dividend from a subsidiary company based in Hong Kong.

Revenue in 2017 has been boosted by the popularity of fidget spinners.