Employees buy out Falkirk’s last foundry

Falkirk’s last remaining iron foundry has been sold to its staff in a move that safeguards 35 jobs at the firm, which has annual sales of £2.2 million.

Specialist Castings has been sold to employees, securing 35 jobs

Specialised Castings’ previous owner Steve Waring, who is retiring, said the company will remain in Denny, “providing real employment for generations to come”.

He added: “I may have achieved a better price but I couldn’t be responsible for allowing the last foundry in the area to go.”

The company has been involved in a number of prestigious projects, including the supply of castings for a Harry Potter attraction at Universal Studios in Florida.

Waring received advice on the deal from employee ownership specialist Carole Leslie – who helped with the appointment of new managing director Alan Nicholson – as well as law firm Blackadders and Co-operative Development Scotland.

Sarah Deas, chief executive of Co-operative Development Scotland, said: “Employee ownership is recognised as a sustainable, successful business structure.

“I’m delighted Specialised Castings have chosen this route as a means to keep the company, and its specialist skills, in the local area. I wish them well.”