Blog: Cashmere co unravels
Leonie Barrie | 10 January 2006
Is there anyone out there interested in buying a cashmere company? It’s been another sad day for Scotland’s cashmere industry with news that John Laing of Hawick Limited has called in the receivers. The company, which makes high quality cashmere garments and has an annual turnover of around £3.5m, blamed its significant losses on a combination of bad debts and increased foreign competition over the last few years.
News that 175-year-old John Laing is in trouble comes less than a month after the closure of Hawick knitwear company Douglas of Scotland. The loss of more jobs casts a dark cloud over the town of Hawick, which is known worldwide for the production of Scottish cashmere. But it also comes as a shock at a time when demand for luxury cashmere is relatively strong. The British Retail Consortium even highlighted cashmere as one of the Christmas season’s most popular gifts, bucking a lacklustre month for retail sales.
Anyone with any interest in acquiring the business should contact Tony Friar on +44 (0)141 226 5511.
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