- Prachi Singh |
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.
Commenting on development, Paul Dounis, joint provisional liquidator, said in a statement: “It is with profound regret that employees of this historic business have been made redundant with immediate effect; and we are working with local and national organisations including East Ayrshire Council, PACE (Partnership Action for Continuing Employment), the Job Centre and the Redundancy Payments Service to support those employees who have been made redundant to process claims as quickly as possible.”
“The Balmoral name is well known in the sector and we would ask any parties with an interest in acquiring the business to get in touch with us as soon as possible,” Dounis added.
Founded in 1895, Balmoral Knitwear has been a supplier of both plain and embroidered corporate uniform, school wear and work wear.