Paul Dounis and Steven Ross of RSM Restructuring Advisory LLP were appointed Provisional Liquidators of Balmoral Knitwear on 14 February 2018.
Balmoral Knitwear (Scotland) Limited, based in Galston in Ayrshire, is a knitwear manufacturer that supplies both plain and embroidered corporate uniform, school wear and work wear.
The Company was unable to continue due to increased competition from low cost garments sourced overseas, the increasing costs of raw materials and the recent devaluation of the pound. Despite concerted efforts to find a buyer or investor to rescue the business, the management were left with no alternative than to place the company into provisional liquidation.
Paul Dounis, Joint Provisional Liquidator, said
‘Despite exploring possible options to rescue the business, the management team has taken the very difficult decision to close the business. The management team have expressed their deep condolences to all staff who have been affected by the closure.
‘It is with profound regret that employees of this historic business have been made redundant with immediate effect; and we are working with local and national organisations including East Ayrshire Council, PACE (Partnership Action for Continuing Employment), the Job Centre and the Redundancy Payments Service to support those employees who have been made redundant to process claims as quickly as possible.
‘The need for organisations to reduce costs and seek the lowest possible price for goods, often from overseas, has led to another blow for the Scottish knitwear industry. The Balmoral name is well known in the sector and we would ask any parties with an interest in acquiring the business to get in touch with us as soon as possible.’
All creditors will be formally written to in due course.