UK: Lantor Weaving Expected To Be Latest UK Casualty
A decision is expected to be announced later this week on the future of a weaving company which has been threatened with closure for the last four months.Lantor Weaving, which is based at Standish in Lancashire, was one of two companies warned in May by owners IPT Group that they faced the possibility of closure. The other company is Carrington Performance Fabrics, which is based in Dewsbury in West Yorkshire. Since then IPT has been working to find a potential buyer for the businesses, which produce fabrics for the apparel, sports and leisure industries. It also entered into a formal 90-day consultation period with employees and their trade unions. A total of 226 people are employed at the two factories.IPT is still talking to a potential buyer for Carrington Performance Fabrics, but IPT has now revealed that an announcement will be made on the future of Lantor Weaving on Friday. It is expected to be bad news for the workforce. "We feel there is little prospect of Lantor Weaving being sold," said Douglas Waddell, finance director at IPT, which also owns the Elton Cop Dyeing Company at Bury in Lancashire and Textured Jersey in Leicester.IPT has blamed the strength of Sterling and customers switching to overseas suppliers for the difficulties at Lantor Weaving. The factory has reduced costs in an effort to compete but it has been unable to avert the current crisis.
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