Tullis Russell collapse: 70 firms rejected chance to buy troubled company

More than 70 prospective new owners spurned the opportunity to buy Fife papermaker Tullis Russell, which today collapsed into administration.

The employee-owned company said scores of potential buyers were spoken to as management desperately tried to secure a futurwe for the firm in the weeks leading up to today’s devastating news.

However, those efforts ultimately proved in vain when directors took the decision to call in administrators.

A total of 325 workers have been made redundant with immediate effect, while a further 149 are being kept on to deal with remaining orders.

The business which has been at the heart of the local community for more than 200 years was Scotland’s largest employee-owned business.

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