Tue, 08 Feb 2011 | BUSINESS SALE
A textile company in the north-east of Scotland that supplies fabrics to top designers including Gucci, Prada and Ralph Lauren, has entered administration.
Smiths of Peterhead - which was founded 193 years ago - was put into administration after it was unable to reach an agreement with a creditor over a debt in the sum of £120,000. The company primarily trades woollens and knitwear from its base in Kirkburn Mills in Peterhead, with further operations in Mintlaw and Boddam.
Paul Dounis from Begbies Traynor was appointed to take charge of the administration and has already made a number of redundancies. He said that the company's long and stable history was a good sign that a buyer could be found and the 50 further jobs that are at risk could be secured.
"We believe that Smiths can be a viable business but has suffered from fluctuations in demand for high quality woollen fabrics during the recession," Mr Dounis said in a statement on the issue.
He said it was "unfortunate" that Smiths had been unable to reach a settlement with the creditor for the debt in question, and that they are continuing to trade the business while potential buyers are sought. He added, "We are very hopeful that a purchaser will be found."
UNDER OFFER. Smart and accomplished Beauty Salon and Therapy Clinic in London, offering a range of beauty therapy and complimentary treatments from waxing, manicures and gel nail treatments, pedicures, electrolysis, facials, massages and more.
LEASEHOLD
An exceptional opportunity to acquire a well-established MOT centre and tyre specialist business in Yorkshire, known for its superior customer service and prime location.
This well-established commercial cleaning company, with over 36 years of history in the Cheshire region, boasts a robust reputation and a dedicated team catering to a loyal client base.
Looking for more businesses? Try our off-market tool.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.