Several jobs hit as Balmoral Knitwear goes into liquidation

Ayrshire-based Balmoral Knitwear (Scotland) Limited has pulled the curtains on its manufacturing business citing increased competition from low cost garments sourced overseas, rising raw material costs and the recent devaluation of the pound as main reasons behind its decision. According to a statement released by provisional liquidators RSM, despite concerted efforts to find a buyer or investor to rescue the business, the management were left with no alternative than to place the company into provisional liquidation.