Westwood Yarns Limited (01257868): administration
- Status
- Administration ended
- Administration began
- 2015-12-23
- Administrators' firm
- KPMG
- Incorporated
- 1976-05-10
- Location
- Manchester
- Industry
- 13100 Preparation and spinning of textile fibres
Why it went into administration
- Cash flow / liquidity pressure
- Credit insurance / supplier credit withdrawn
- Loss of a key customer, supplier or contract
- Supply chain disruption
- Sustained trading losses
- Parent or group failure
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 10 May 1976 and spun specialist yarns at the Washpit Mills, an 8 5 acre site in Holmfirth, Yorkshire At the date of appointment the Company employed 132 staff and had three directors, Richard Collinge, Tim Kay and Trevor Chippendale, of which only Trevor Chippendale was on the payroll
In October 2015, the Company was purchased by two of the current directors, Richard Collinge and Tim Kay, via a special purpose vehicle, Westwood Speciality Yarns Limited Richard Collinge and Tim Kay were not previously involved in the business prior to the purchase
The Company was previously a wholly owned subsidiary of Victoria Carpets Limited ("Victoria”}, which had owned the Company for 26 years Victoria was the Company's largest customer, accounting for approximately 80% of its turnover
Administrators' statement of proposals (2016-02-22) · Companies House register