Fri, 08 Jan 2016 | ADMINISTRATION
Hawick Knitwear has been placed into administration with over 100 jobs lost as a result, after the company directors brought in KPMG to handle the insolvency process.
KPMG said 123 employees had been made redundant immediately, with another 56 staff kept on at the heritage business.
Rising production costs and reducing margins have spelled trouble for Hawick Knitwear, resulting in “difficult trading conditions” in the past few years. And a recent tendency for warmer winters has meant there's been less need for the heavier winter garments that Hawick Knitwear sell.
The director felt they had no choice but to put the company into administration, after searches for new investment proved fruitless.
The administrators' priority now is to see if current garments being made can be completed, and to pursue an early sale of the business, brands, infrastructure and assets.
Blair Nimmo at KPMG in Scotland commented: “Hawick Knitwear has an excellent reputation in the industry.
"The company benefits from its heritage and established infrastructure together with a developing brand and a highly-skilled workforce, which we believe will be an asset to prospective purchasers.
"Unfortunately, extremely difficult market conditions have led to the current position."
He also invited interested buyers to make contact as soon as they can.
The retailer and manufacturer can trace its history back to 1847. It makes luxury clothes from cashmere, British wool, and merino among others on site at its mill in Hawick, Scotland.
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