The administrators of UK textiles firm Peter Scott & Company have sold the business and its assets as a going concern to clothing company Gloverall.

As part of the sale, the company’s remaining 21 employees will transfer to the new owner, a statement said.

Blair Nimmo, head of restructuring at administrators KPMG in Scotland, said: "This is a fantastic result for the company, staff, creditors and the town of Hawick. Peter Scott & Company is synonymous with quality clothing and the Borders region, so it is particularly pleasing to finalise this sale.

"This sale represents a good outcome for the parties involved, and we would like to wish the new owners and the business every success in the future."

Samuel Lee, Gloverall director, said: "Gloverall is delighted to acquire a business with such a rich heritage and brand presence.

"We are currently reviewing our intentions to recommence full production of Peter Scott & Company products in Hawick and will be in a position to make a formal announcement in the near future."

Peter Scott slipped into administration last month after attempts to find a buyer for the Scottish company foundered.

The firm makes premium clothing, particularly cashmere, lambswool and blended knitwear, and has long had a reputation for its golf-themed apparel.