UK: Funding secures 140 jobs at WW Group
A rescue package has been secured for a floundering British clothing company which went into administrative receivership in May this year.
The Yorkshire-based WW Group, formerly known as William Warburton Holdings, ran into trouble because of what it says was a downturn in market conditions and stiff overseas competition.
Its existing management team has now won funding from Five Arrows Commercial Finance - part of the NM Rothschild banking group - to ensure that the group's key operations can continue.
Those three operations are WW Group, which imports and distributes clothing for men; Clothing Outlet, which has a small number of shops plus 50 concessions across the north of England; and Westward Worldwide, which distributes baby wear and nursery wear.
The assets and trading activities of these businesses have been bought and will operate under a new company - Star Garment Company - which has been formed by the existing management team using the Five Arrows funding. The management team consists of Allan Green, John Leigh and Steve Jowitt.
At the start of the year WW Group employed 280 people. There have been successive redundancies over the year, but this new deal will provide jobs for the remaining 140 workers.
Star Garment Company expects to turn over more than GBP20m (US$37m) in the next 12 months.
By Clive Hinchliffe.
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