Thu, 16 Aug 2012 | ADMINISTRATION
Dawson International has entered administration days after it was announced that the luxury cashmere-clothing maker could face insolvency after its shares were suspended.
The firm, which predominantly makes clothing for other retailers, is currently still trading and its US operations are unaffected and running as normal.
KPMG were brought in after talks to move Dawson’s pension plans into a protection fund with the pensions regulator and the Pension Protection Fund failed.
The firm has a pension deficit of £129 million. The bill, to be paid by 19 August, had been passed to directors who said they were not able to pay it.
Joint administrator Blair Nimmo is now encouraging expressions of interest in the luxury cashmere business. Strong selling points are its 100 years of trading, global customer reach and several brand names including Barrie, Glenmac, John Laing and Kinross.
“This is a sad day for Dawson International, and for British manufacturing,” David Bolton, chairman of Dawson said.
“To see this 140-year-old company forced into administration due to the PPF’s decision is deplorable, a direct consequence of a flawed process lacking in common sense and transparency,” he added.
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