But St Cuthberts in Somerset will continue to operate as a separate unit.
Inveresk has also made a number of management changes, including the appointments of Roland MacLeod, Andrew Scull and Allan McGhee to the board as executive directors.
Executive director Kieron Green continues as general manager of St Cuthberts mill.
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"Gosh! That’s a huge debt - especially HMRC! It’s a shock that HMRC allowed such an amount to be accumulated."
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