By Scott Wright

R&W Scott, the historic Scottish jam maker, has received a £500,000 boost to its expansion plans.

The Lanarkshire-based company, which can trace its roots back to 1880, said the funding from Clydesdale Bank would support its growth ambitions.

It comes after directors staged a management buyout of the business from Real Good Food in a deal worth £4 million last December.

The firm, which has around 100 staff and operates from an 84,000 square foot manufacturing facility in Carluke, had been part of the group since 2005.

Turnover has increased to more than £12 million since the business returned to private hands, having contributed £10.43m of revenue to the group in the year ended March 31, 2017.

Finance director Michael Hewitt, who was part of the buyout team with John Easton and Stephen Currie, said: “This is a landmark deal for our business and comes on the back of an exciting first year as an independently owned company.

“This additional funding will allow us to deliver on our strategy and put the foundations in place to grow the business over the next few years.

The funding deal was brokered by Michael Mackie at Clydesdale Bank (now part of Virgin Money), with legal support provided to the firm by Michael Currie and Gemma Perfect of Aberdein Considine.