Up to 69 jobs will be lost with the closure of a 100-year-old textile company amid falling sales and increased foreign competition.

Bosses of Samuel Lumb & Son, based in Yorkshire, said today they had no alternative but to shut the fancy woollen yarn plant as it was struggling to win orders and its old buildings needed a multi-million pound renovation to meet strict new health and safety requirements.

Managing director Stuart Eastwood told the Yorkshire Post: "No time is right to close but the company has concluded that with all the problems in front of us, an orderly closure can be achieved at this stage."