UK: IPT Group Rescue Package Still On Horizon
Hopes have been raised of a rescue for two companies threatened with closure during the past three months. Carrington Performance Fabrics, which is based in Dewsbury, West Yorkshire, and Lantor Weaving, based at Standish in Lancashire, were warned in May by owner IPT Group of the possible closure of the two factories, which employ 226 people. The factories produce fabrics for the apparel, sports and leisure industries.IPT entered into a 90-day consultation period with employees and trade unions ― a period which ends on August 21 ― and the group has now revealed that it is involved in detailed talks with a number of potential buyers for the businesses."We have had quite a number of expressions of interest in the two sites," said Kevin Hull, group human resources director at IPT. "That number has got smaller but we are still talking to a handful of interested parties. I cannot say who they are at this time, but we are obviously doing all we can to secure the future of the two factories."Closure and redundancy is still very much a possibility, but there are currently other options whilst we are still talking to people."He praised the reaction of the employees, who have just returned to work after the traditional summer shut-down. "I have been impressed by the very responsible and professional attitude of our employees at an uncertain time for them personally. It is very much 'business as usual' whilst we look for ways to avoid job losses."The strength of sterling and customers switching to overseas suppliers have been blamed for the difficulties of the two companies. Both factories have reduced costs to compete but they have been unable to avert the current crisis.The IPT Group also owns the Elton Cop Dyeing Company at Bury in Lancashire and Textured Jersey in Leicester.
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