BRITAIN'S last traditional manufacturer of sealing wax is being sold off after going into receivership.
Waterstons, one of Scotland's oldest printing companies, has been in business in Edinburgh since 1752, making it the capital's oldest stationery retailer.
Previously known as George Waterston and Sons, the firm was restructured in June this year to become Waterstons Mackenzie Storrie. However, due to trading difficulties, the receiver has now been called in.
Waterstons, no connection with the book chain, Waterstones, employed 54 people.
The company also provided colour printing, direct mail, stationery, and wholesaling.
The founder of the company was William Waterston, son of the gardener to Lord Alexander Hay of Spot.
A former assistant master at Dunbar School and reputed violinist, he tired of teaching and went to Edinburgh to work as an assistant to James Lorimer, a maker of wax torches known as flambeaux.
In 1752, he leased a workshop in the Cowgate, his first sale being a three-foot-long wax flambeaux to the Duke of Hamilton, the hereditary keeper of the Palace of Holyrood House.
At the Industrial Exhibition of 1756 in Edinburgh, he was awarded two silver medals for his products.
His wax torches were used by servants to light the way home for their masters.
Mr Waterston also learned the art of making sealing wax while working for James Lorimer. The techniques involved in making it have not changed materially since.
He married Catherine Sandeman, daughter of the port shipping family, and their children took the firm through the French revolution and Nelson's victory at the Nile to the advent of the penny post in 1840 and a major diversification into stationery fuelled by cheaper paper.
Envelope production followed as people began writing letters. Other family members with interests in printing and bookbinding steered the firm into the production of bank notes and fine books.
By the time the company consolidated in Warriston Road in 1902, it had outlets in London and was exporting to the US. It continued to do well through two world wars.
Buoyant post-war demand kept the business going, until the banks decided it should bring in outside expertise.
Fraser Gray and David Whitehouse, partners in Kroll's corporate advisory and restructuring group, have been appointed joint receivers.
Colourful history
Waterston's wax was produced using a 300-year-old recipe. It was made by boiling resin, beeswax, camphor, red lead, vermilion, and lac, a dark red transparent oriental gum, in copper pans.
It was available in more than 25 colours.
Pearl waxes were created for a classic look, sparkling waxes for bright and festive glitter effects, while bright and shiny metallic waxes were deemed suitable for any occasion.
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