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."
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