A HIGH-profile Inverclyde firm has been sold to Scottish services company Macfarlane Group for up to £8.6million.

Brands Electronics was founded in Greenock in 1986 by brothers Douglas and Tom Brands.

It provides supply chain and customer services management services from its base in Faulds Park, Gourock, which was opened in January last year by the Princess Royal.

Brands employs around 150 people and its customers include IBM, Hewlett Packard, LG Electronics and Samsung.

They also have sites in Mexico and the US.

The Macfarlane Group will pay an initial £2m for the company with a deferred payment of £600,000.

There may also be a contingency payment of £6m based on the performance of the company over the next three years.

Douglas Brands commented: 'We started this company 16 years ago and the resources of Macfarlane will allow it to achieve its full potential.

'Our range of services fit hand-in-glove with the global packaging solutions Macfarlane already provides.

'Both Tom and I are particularly pleased to pass control of our business to a significant Scottish PLC.' Iain Duffin, chief executive of MacFarlane Group, will become chairman of Brands whilst Douglas Brands will continue in his role as chief executive officer.

John McAuslan will move from UK director to president of US operations.

Brands Electrical division will continue to provide its core customers with facilities management support, and Tom Brands will look after the expansion of this division.

Douglas continued: 'Both Tom and I see this acquisition as a significant turning point in the growth of the company and look forward to the future with new vigour.' In the year to the end of October 2001 Brands had an annual turnover of £59.4m and a pre-tax loss of £1.3m.

The net assets being acquired are estimated to be £500,000 which includes a debt of £2.5m.