Thu, 09 Aug 2012 | ADMINISTRATION
Scottish cashmere manufacturer Dawson International could soon be placed into administration, and has had its shares suspended.
Its shares fell last month after it announced that the pensions regulator and Pension Protection Fund had rejected its efforts to place its pension plans into a protection fund. A large deficit in the pension funds had been building up.
Previously a large supplier to Marks & Spencers, the firm, which trades as Barrie in the UK, runs a mill in Hawick and has almost 200 staff. At its height Dawson had 12,000 employees. It has already disposed of parts of the business including Pringle.
Cashmere clothing for upmarket retail brands is made at the mill in Scotland. Its US knitwear operations at Dawson Forte are unaffected. It is “well funded and continues to trade normally”.
Administrators could be called in if an arrangement cannot be made to deal with the pensions situation.
John Lamont, Ettrick, Roxburgh and Berwickshire MSP, told the BBC, “The priority in this situation must be to secure the 200 jobs that Dawson International provides to Hawick.
“They are a key employer and it would be disastrous to see so many families lose their livelihoods. The pension deal offered by Dawson International was a better one than insolvency would provide and it seems ludicrous that this was rejected when administration is now a real possibility.”
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