Assets of failed textile firm fetch £1m at auction

MACHINERY and other assets of a Holmfirth textiles firm which went into administration last year have gone under the hammer, fetching more than £1m in an online auction.

The sale was managed by chartered surveyor and property consultancy Sanderson Weatherall, which was appointed by administrators KPMG in December last year.  

The online auction comprised over 560 lots, and attracted interest from more than 200 registered buyers from as far afield as Turkey, Russia, India, Denmark, Italy and France.

John Noon, senior manager at KPMG, said: “This is a pleasing result for the creditors of Westwood Yarns. Sanderson Weatherall’s ability to connect with a wide range of interested buyers, both in the UK and overseas generated significant interest in the auction, strengthening the return available to creditors. Offers are still being received and considered for the property itself.”

The sale of the machinery and equipment was arranged by Roy Tubman and Mark Lord, partners in Sanderson Weatherall’s Machinery and Business Assets division.  The property sale is being led by David Murray and Craig Watson.

Westwood Yarns previously employed 130 people and produced specialist carpet yarns.  The property comprises 168,551 sq ft including a mixture of production workshop, office and ancillary space set in an 8.54 acre site that would be suitable for redevelopment or conversion, subject to planning.

Mr Tubman said: “While the UK textile industry has declined in recent years, there is a robust trade overseas so assets of this quality are in high demand, as is shown by the significant amount raised at auction.”

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