The deal has saved 559 jobs across the UK, of which 450 are in Scotland.

The purchase, which is for an undisclosed sum, has been made by subsidiaries of a new venture, Creative Paper Holdings Limited, which has been formed by a management buyout team for the purposes of the deal.

All staff are transferring with immediate effect. The jobs saved by location are:

• Stoneywood, Aberdeen – 450
• Chartham, Kent – 82
• Basingstoke – 27

Arjowiggins Fine Papers Limited operated the Stoneywood plant in Aberdeen, which has manufactured fine and custom papers since 1770, and an administration centre in Basingstoke.

Arjowiggins Chartham Limited operated the Chartham Mill in Chartham, Kent which has manufactured high-quality translucent papers since 1938. Funding for the deals has been provided through investment by the management buyout team, lending facilities, loan and equity finance from Scottish Enterprise.

Jonathan Mitchell said: “We are absolutely delighted to have secured the future of a strong and sustainable business which has such a long heritage in the UK. Arjowiggins Creative Papers has world-renowned market-leading brands and products and a passionate and talented team. We are looking forward to taking steps to further strengthen the business and continue to provide first-class products and customer service to our clients.”

He added: “The last nine months have been an unsettling time for the company and we are extremely grateful to the administrators, FRP Advisory, for having allowed the business to continue to trade while we found a workable solution. The support we have had from our staff, customers, suppliers and the Scottish Government has been incredible and without them, this deal would not have been possible. There has been a real combined will to keep this historic business alive.”

Iain Fraser, joint administrator and partner with FRP Advisory, said: “After a challenging eight months for everyone, we are delighted to have concluded a deal with the management buyout team that has saved 450 highly skilled jobs in Scotland and 559 jobs across the UK.

“The support we have received from the staff, Unite union, suppliers, customers, politicians and the local communities has been crucial, particularly the outstanding team effort provided by everyone at the Stoneywood plant to keep the business trading in order to provide the management buyout team with the maximum help to complete a complex deal.

“We would like to thank them for their help and shared determination to save the businesses. We wish the new management team and the staff every success with their plans for the future.”