Robert Addis, the boss at textiles mill Thomas Smith and Co, has been made redundant in an attempt to cut costs and keep the company in business.

Addis has been managing director of Kirkburn Mill in Peterhead, UK, for over two years.

Three other employees at the plant have also lost their jobs as receivers try to find a buyer for the struggling business. The company laid off 62 workers in October, and called in receivers Pricewaterhouse Coopers earlier on this month.

The remaining employees at its factories in Peterhead and Mintlaw have been assured that the company will be open for business as usual in the new year.

Thomas Smith & Co, which was established in 1818, produces textiles under the names Rennies, and Alexanders of Scotland.