130 jobs at risk as textile company appoints administrators

ADMINISTRATORS have been appointed at Westwood Yarns, the specialist spinning company in Holmfirth with 130 staff.

No redundancies have been made while administrators Paul Flint and David Costley-Wood from KPMG consider their options, including looking to sell the business as a going concern.

The company spins yarns, mostly for its largest customer, Victoria Carpets but experienced severe cash flow difficulties.

Paul Flint, associate partner at KPMG and joint administrator, said: “It is a difficult time of year for any business to enter administration and our team is in contact with employees at Westwood Yarns to assist them through this period.

“Arrangements are being made to ensure that staff will be paid their arrears of wages and holiday pay for the Christmas period. Over the coming days, we will be in touch with key stakeholders to explore our options, including the possibility of a sale, to maximise the return to the company’s creditors.”

 

The joint administrators will consider options in the coming weeks and has called on any interested parties looking to acquire the business and assets to come forward.

 

More to follow.