Scotland business

Sweet tax news for confectioner Lees Foods

Lees of Scotland logo
Image caption The overpayments related to the period between 1973 and 1995

Confectionery group Lees Foods is to receive about £500,000 from HM Revenue and Customs after reaching a settlement with officials over a long-standing tax claim.

The makers of snowballs and macaroon bars said the settlement involved tax overpayments between 1973 and 1995.

The Coatbridge-based firm reported the payment would "ultimately equate" to a one-off net cash amount.

Lees expects to receive the money in the next few weeks.

In September, the firm reported a fall in half-year pre-tax profits due to rising costs.

It also saw sales rise by 6% during the same six months to June.

The company said the fall in pre-tax profits from £562,000 in 2010 to £422,000 was mainly due to an increase in the cost of raw materials.

The group owns Lees of Scotland and the Waverley Bakery, which produces wafers.

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