Published: Friday, 8th January, 2010 10:44am
Leithen mill enters administration
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CASHMERE manufacturer Ballantyne has entered administration leaving its workers facing an uncertain start to their New Year.
Administrators BDO LLP were called in to the Innerliethen based firm on Tuesday January 5.
It is yet hoped that the business will be sold as a going concern thereby saving the jobs of 176 employees.
Ballantyne Cashmere was first established in Innerleithen in 1921 and grew to be world famous as a high quality manufacturer of cashmere products for the retail sector.
Today the firm is owned by JJ & HB Cashmere Mills Limited but still has premises in Innerleithen as well as Galashiels and Coatbridge.
James B Stephen and Malcolm Cohen of BDO LLP have now been appointed Joint Administrators over JJ & HB Cashmere Mills Limited and its subsidiary JJ & HB Cashmere Mills Coatbridge Limited.
They will continue to trade the business while looking for a buyer.
James Stephen said: "It is unfortunate that the economic climate and difficult trading conditions have significantly affected the retail sector.
"However, the company is a long established manufacturer of cashmere products recognised for its quality output.
"We are continuing to trade the business and hope to sell the company as a going concern and have already received an expression of interest in this respect."
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Anonymous
(Unregistered User)
Jan 18 10 20:09
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I work at the factory and it is of most workers are of the opinion that the "difficult trading conditions" where in fact extremely bad decisions made by the present management. The fiasco over the last year going from crisis to crisis it is no wonder that we are going out of business. Both managers made the decisions that sold us down the tweed. This factory does have a future and a good loyal workforce but under the present management there is no hope. The devastation in Innerleithen will be felt with the closure of the factory.
As I am an employee of many years I can remember the pride and satisfaction that we had in the factory knowing our garments were the finest cashmere worn by some very famous people this pride has been knocked out of us with the way we have been treated by the present management
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