NEW hope has emerged that the stricken paper maker Tullis Russell could be rescued along with hundreds of jobs.
Kilmacolm-based PG Paper has expressed an interest in buying the company as a going concern.
More than 300 workers were made redundant at the firm as it was plunged into administration on Monday.
The firm, based at Markinch in Fife, called in administrators after experiencing a long-term decline in its market and cumulative losses of £18.5 million over the last five years.
Now it has emerged PG Paper, run by self-made husband and wife entrepreneurs Puneet and Poonam Gupta, has stepped in to try and buy the company.
A PG Paper spokesman said: "I can confirm that we have approached KPMG, the administrators of Tullis Russell.
"PG Paper have expressed an interest in buying the company's stock and also potentially the facility itself as a going concern."
PG Paper is one of the UK's fastest growing paper companies providing customised paper solutions around the world.
It currently exports over 90 per cent of its total volume to the Indian Subcontinent, the Middle East and the Far East.
In the last few years the company has developed a presence in other major markets including North Africa, Turkey and South America.
It is also in the process of expanding by acquiring similar businesses in northern Europe, North Africa and North America.
The company was recently named as Scotland's Most Entrepreneurial Exporter at the recent BQ Scotland Awards.
The approach came as business minister Fergus Ewing announced details of a Partnership Action for Continuing Employment (PACE) redundancy support event for Tullis Russell staff which will take place on May 6 in the Balbirnie House Hotel, Balbirnie Park, Markinch Village, Glenrothes. Around 20 exhibitors will attend the event including a mix of support agencies, training providers, and employers who are interested in recruiting.
Mr Ewing said: "The Scottish Government is acting fast to do what we can to support the Tullis Russell workforce through this very anxious time. The potential impact to the wider community cannot be underestimated."
The job losses at Tullis Russell came less than two months after the official opening of a new £200 million combined heat and power (CHP) biomass plant on site, which energy minister Fergus Ewing and Tullis Russell Group chief executive Chris Parr said would "safeguard 500 jobs".
In January, PG Paper, which already trades in 24 countries, highlighted acquisitions as key to its strategy of growing the business on the world stage.
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