UK: Speculation On Coats Viyella Unit Sale Increases
Coats Viyella, the textiles group, is close to agreeing a deal to sell some of its clothing factories to Li & Fung, a Hong Kong-based trading company, for an estimated £50m, the Telegraph reported yesterday.However, the company would not confirm the report today. A representative said that Deloitte & Touche, the accountancy firm, is handling all potential buyers. "Deloitte & Touche is talking to a lot of people about the sale of the 24 units."Apart from Li & Fung, potential bidders are reported to include Courtaulds Textiles, Dewhirst, SR Gent and unspecified venture capitalists.Coats Viyella decided last month to dispose of all its businesses apart from its global thread operations and its Jaeger and Viyella retail brands. UK-based factories were unable to compete with cheaper overseas locations. Four of the company's clothing factories were closed in September, resulting in the loss of around 2,000 jobs.
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