Bonar Yarns Limited (SC008924): administration
- Status
- Administration ended
- Administration began
- 2023-03-31
- Administrators
- Michelle Marie Elliot, Callum Angus Carmichael
- Administrators' firm
- FRP Advisory
- Formerly
- LOW & Bonar Dundee Limited; Bonar Yarns & Fabrics Limited; Bonar Textiles Limited
- Incorporated
- 1914-01-17
- Location
- Glasgow
- Industry
- 13960 Manufacture of other technical and industrial textiles
Why it went into administration
- COVID-19
From the administrators' statement
The Company was incorporated on the 17 January 1914 and operated out of a factory in St Salvador Street, Dundee, DD3 7EU. The Company has recently been manufacturing yarn for use in carpets and artificial grass and had a worldwide customer base.
The Company was the subject of a management buy-out in June 2020, a few months following the start of the COVID-19 Pandemic. The Company reported small profits in FY21 and FY22 until cash flow issues were identified in February 2023.
The Company’s borrowing was provided under stock, invoice and HP asset financing facilities provided by Close Brothers.
Administrators' statement of proposals (2023-05-24) · Companies House register