We are very sorry to announce that the manufacturing side of Balmoral Knitwear is no longer in business after trading after 122 years. It is a very sad day for the Mackie family and all our loyal staff.
Our Mill & Coffee Shop remain open and we will continue to supply as many of our valued Balmoral Knitwear customers as possible through this side of our business. We would ask for your patience and understanding at this very difficult time.
If you would like to contact us, please email firstname.lastname@example.org
The Press Release was made by the Liquidators on 16th February 2018.
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 who supplies both plain and embroidered corporate uniform, school wear and work wear.
The Company has been unable to continue due to increased competition from low cost garments sourced offshore, the increasing cost 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 team have expressed their deep condolences to all staff who have been effected 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 Redundancy Payment Service to support those employees who have been made redundant and 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.