TWO more of the McMaster Stores, Bairds of Hamilton and Hourstons of
Ayr (above), were sold yesterday by the receivers.
This secures around 180 jobs, but the stores in Airdrie and Irvine
have recently been closed.
The original chain of seven shops was formed after a management
buy-out from House of Fraser in 1989, led by Mr Murdoch McMaster and his
son Graeme.
The project was put into receivership last December after losses. As
with most buy-outs the enterprise was burdened with heavy borrowings,
coinciding with a time of high interest rates.
Joint receiver Mr Iain Bennet of Price Waterhouse had hoped to sell
the whole group, maintaining around 300 jobs but this was not possible.
The Stirling store, McLachlan & Brown, is still trading. Another in
Bellshill is under offer, while Mackays Stores took over the business in
Banff last month.
Companies based in Manchester and controlled by the Jebreel family
have bought Bairds and Hourstons.
Last night Mr Y. Jebreel described the stores as ''two
highly-respected names in Scottish retailing'' and said they were very
excited about the prospects. He was especially pleased they could ensure
the long-term future of a large number of employees.
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