Ms Elliot and Mr Carmichael were appointed as joint administrators of Renfrew-based Spirit Label Solutions Limited on 8 November 2024.

The firm, which was founded in January 2023, had fallen into difficulty following unsustainable cash flow pressure stemming from increased operational costs and a downturn in the global whisky industry.

Following an accelerated sale process, a deal to purchase the company as a going concern has been agreed with Spirit Labels Ltd for an undisclosed sum.

The agreement sees all 16 staff members transferred to the new owner through the TUPE process.

Spirit Labels Ltd has also acquired all of the company’s unencumbered fixed assets, including state-of-the-art digital laser printers, stock and intellectual property.

Michelle Elliot, partner at FRP, said: “Spirit Label Solutions Limited had quickly acquired a strong reputation within the Scottish whisky industry offering innovative printing solutions to a wide range of customers. We are pleased to have secured a sale of the business to Spirit Labels Ltd and wish the new owners every success in taking the business forward.

“We are particularly encouraged to have secured the transfer of the workforce and would extend our thanks to everyone involved for their support throughout the process.”

Craig Hyslop of Spirit Labels Ltd said: “We have injected significant working capital, putting the business in a very strong financial position.

“Spirit Labels is a fantastic company that just needs time to develop and grow, and the restructure allows for this to happen.

“I look forward to working with the senior team of Tom, Finlay, Jamie, and Chris, and indeed all of our valued employees, to take Spirit Labels forward and vitally, to support and provide the very best service to our valued customer base.”