Jobs saved as luxury textiles company is sold

Textiles company, Heritage Cashmere which imports and supplies of luxury cashmere products to major fashion houses in the UK and overseas has been purchased in a pre-pack deal.

The business which only last year saw a £5.5m MBO led by Andrew Sykes, appointed Paul Whitwam and Phil Pierce, partners at specialist business advisory firm FRP as joint administrators on 27 July.

The business which is headquartered in Halifax had suffered a series of financial challenges in recent times which led it to enter administration.

Upon appointment, the administrators concluded the sale of the business to Heritage Marketing Services Limited, a new group led by the existing management team, in a pre-pack deal that saved all 10 jobs

Paul Whitwam, restructuring advisory partner at FRP and Joint Administrator, said: “Heritage Cashmere had suffered a number of financial challenges that were out of the management team’s control. This deal will ensure the business can continue and, crucially, secures all jobs. We wish the company all the best in the future under its new ownership structure.”