Hawick Knitwear buyer found

Hawick Knitwear buyer found

The administrators of Scottish Knitwear firm Hawick Knitwear have confirmed a buyer for the brand.

Lyber 2016 has purchased its plant, machinery, the Hawick Knitwear brand and its intellectural property which has a heritage dating back to 1874.

The new owner demonstrated its commitment to the sale by paying a non-refundable deposit on 5 February to secure preferred bidder status.

Blair Nimmo, joint administrator and head of restructuring for KPMG, who handle Hawick’s administration, said: ““We would like to thank everyone involved for their patience and perseverance during what has been a challenging sales process. We are very pleased to have achieved a sale of certain Hawick Knitwear key assets.

“We wish the purchaser every success in its new venture.”

Business minister Fergus Ewing described the sale as "great news"  for Hawick and the textile industry in the Borders.

He said: "The sale is testament to the quality of the product and the demand for knitwear from this part of Scotland. While the number of staff is expected to be lower than previously employed at Hawick Knitwear, I am pleased that operations will continue.

"We worked closely with KPMG and Scottish Borders Council to identify potential investors. Scottish Enterprise is supporting Lyber 2016 Ltd to start up the venture and will identify any other business support that could help grow the operation and ensure a long-term future.

"I look forward to publication next week of an action plan for Hawick which will set out how working together, the public and private sector can ensure a positive future for the town."