Hawick Knitwear in administration, buyers sought

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.


Contact the administrator and register your interest today.

Search in our full list of businesses in administration.


Share this article



Latest Businesses for Sale

Structural Engineering Design Consultancy
South West, UK

Providing designs that are practical but creative and often innovative, to meet the specific needs of its clients. Supporting sustainable construction methods and experienced in eco-friendly structures such as PassivHaus. Offers invited.

Asking Price: Offers Invited
Turnover: £715,000

LEASEHOLD


Technology & Wearables Brand
UK Wide

An established, proven brand and assets for sale, with considerable multi-million pound growth potential. The company is a designer and supplier of an established audio and wearable technology brand. The products seamlessly link three multi-billion-p...

Asking Price: Offers Invited
Turnover: £5,000,000

RELOCATABLE


Air Conditioning & Refrigeration Products Service Provider
UK Wide

Offers a diverse range of commercial refrigeration and air conditioning equipment throughout the UK. Benefits from maintenance contracts and reactive maintenance. Possesses a strong understanding of all types of cooling solutions and is able to fully...

Asking Price: Offers Invited
Turnover: £6,400,000

FREEHOLD



View more businesses for sale

News Search

Latest News

 
19
 
Nov
 

UK government set to approve Cobham takeover | BUSINESS SALE

The British government is poised to approve the $5 billion t...

 
18
 
Nov
 

Kitwave acquires Alpine Fine Foods | BUSINESS SALE

Independent wholesaler Kitwave has acquired Alpine Fine Food...

 
15
 
Nov
 

Carpetright agrees to shareholder takeover deal | BUSINESS SALE

Carpetright has agreed a deal to be taken over by its larges...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
13
 
Nov
 

Brighton energy firm appoints administrators | ADMINISTRATION

Brighton-based utilities company Toto Energy has gone into a...

 
27
 
Sep
 

Administrators called in for Northern polythene manufacturing firm | ADMINISTRATION

Total Polyfilm, a manufacturer headquartered in Preston, has...

 
23
 
Sep
 

Thomas Cook seeking 'last-ditch' fire sale [UPDATED] | BUSINESS SALE

Thomas Cook Group is reportedly trying to piece together a l...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources