Around 140 jobs will be saved by a Management Buy-Out of the electrical appliance servicing arm of ScottishPower Retail.

The MBO, led by four senior managers and backed by ScottishPower, will establish one of the UK's largest, fully independent electrical servicing companies. It will be based in Cumbernauld, near Glasgow, with additional main premises at Castleford, Yorkshire.

The new company, operating nationwide, will provide high quality and competitive electrical product repair services to a range of clients including major retail companies, insurance clients, product manufacturers, and direct to domestic customers. It aims to retain around 140 full and part time jobs from the 320-strong workforce currently in ScottishPower Appliance Servicing.

David Clarke, a ScottishPower UK director, said: "This management buy-out is the result of extremely constructive negotiations from all sides and underlines our resolve to preserve as many Retail jobs as possible."

ScottishPower and the MBO team have signed Heads of Terms and are currently negotiating a detailed Sale and Purchase Agreement.

Last month ScottishPower announced that, after a thorough review of Retail and all its options, it was selling part of the business to Powerhouse and closing the remainder with the loss of about half the total 2700 jobs. Consultation with unions and employee representatives is continuing and the transfer and closure of the business will take place when this is complete.

Further information:
Colin McSeveny                               0141 636 4515