Scots baker Lees Foods is set to change hands via a management buyout. The deal values the Coatbridge-based company at £5.6m.

The AIM-listed confectioner operates the Lees of Scotland and Waverley Bakery businesses, supplying biscuits, meringues, wafers and ice cream cones.

Chief executive Clive Miquel and directors David Simson, Albert Croll, Nadia Millar and Klaus Perch-Nielsen are all involved in the buyout, via a new company called Randotte.