NEW jobs will be created after one of the oldest businesses in the Forest was saved from the scrap heap in a £4m deal.

Cannop Foundry, based in Cinderford, has been bought up by a Polish company who have invested more than £1 million in shoring up and developing the business in less than three months.

With mounting debts and a chronic lack of investment, the firm came dangerously close to shutting up shop permanently earlier this year.

But far from just keeping the company going, the new bosses of the firm plan to expand it and turn it into a centre of excellence.

"The plan is to turn this into one of the leading foundries of its type in the country," said managing director Keith Mallinson.

"It's nice to be able to save such a long-established business and we are reversing the trend of off-shoring.

"There aren't many businesses that are coming to Cinderford and investing at the moment so it's surprised a lot people that we have been prepared to do this."

See this week's Forester for full story