John Buchan Ltd, owner of Scottish Borders knitwear manufacturer Lochcarron of Scotland has announced the sale of the Lochcarron business to South Korean retail company E-Land.

According to a BBC News South Scotland report this morning, John Buchan Ltd said the deal would secure the company's presence as a manufacturing business in the Borders.

It said it would also "provide the support and expertise to further develop new and existing products", the report said.

Retiring Lochcarron chairman Alistair Buchan said the deal would secure the company's long-term future.

"I believe E-Land's established presence in the global marketplace will enable Lochcarron to continue to develop and prosper supported by such a major force in the world of prestigious textiles," Mr Buchan told the BBC.

Lochcarron of Scotland, which was established in 1947 and has its head office in Selkirk in the Borders, describes itself as "one of the most diversified textile companies in the world".

The E-Land group is said to be one of the biggest fashion and retail businesses in South Korea.

Source: BBC