An Irvine-based chemical products firm has been sold to new owners following the resignation of Russian directors, securing the jobs of those who work there.

Sergey Popov, Alexandre Matytsine, Victor Lobashkov, and Andrei Borshchev all resigned from Barony Universal Products Plc on Monday, March 7, according to Companies House.

The business, which is based in the Riverside Business Park and employs approximately 250 people, was owned by parent company the Arnest Group, a Russian chemical firm.

But a new owner is at the helm now, securing the jobs of those who work at Barony.

The news comes as Russian businesses across the world feel the impact of sanctions placed against Russia and Russian business interests as a result of Vladimir Putin's invasion of Ukraine.

The new owner, C.A.L.M., completed the transaction on Friday, March 11, 2022 for an undisclosed sum.

Barony Universal Products plc will continue trading as normal as a UK entity as part of the new parent group.

Camille Z. Chammas, the new chairman of Barony Universal Products plc, said: “Barony is a long-established Scottish-based business with a proud history of supplying the British retail sector and multi-national clients for over 20 years.

"I’m excited to have led this acquisition and to further grow the business while securing even more employment in the local area.”

Steven Groden, managing director, said: “Our new ownership with Camille at the helm signals a bright new beginning for us.

"His decades of experience working within the FMCG industry will help us continue on our sustainable growth trajectory, not only safeguarding, but growing the loyal workforce we employ here in Irvine, North Ayrshire.”

Finance Secretary Kate Forbes, in a letter issued to the business community earlier this month, supported the move for Scottish businesses to sever links with Russia.

The letter states: "Many businesses, sporting and cultural organisations have shown commendable corporate values and leadership, in divesting their interests in Russia, their trading relationships with Russian entities and their participation in lucrative Russian contracts.

"We support these decisions and would encourage all Scottish businesses to follow their example.

"Beyond direct investments, reviewing operations for links and connections to Russia - however indirect - and then severing them is the right decision.

"I welcome the effort being undertaken right now by businesses across Scotland to do exactly that, and encourage them to continue to conduct this work at pace, and with due regard for the safety of any employees or individuals you may work with."