Administrators deliver New Year cheer for Manchester Hosiery...

Posted by on 5 January 2012 | 0 Comments

Dains LLP, the Administrators of Manchester Hosiery Ltd are pleased to announce that 30 jobs have been saved following the sale of the business to Aikon International Ltd.

Manchester Hosiery Ltd of Queens Road, Hinckley, are one of the few remaining knitwear manufacturers in the UK and in addition to securing jobs for thirty long serving staff, the sale has secured an important part of knitwear manufacturing history as the firm have been in existence for over one hundred years.

The company manufactures both underwear and outerwear for men, women and children, specialising in women’s seam-free fancy knit garments and men’s traditional cotton, thermal and woollen underwear.   

Dains LLP were appointed in April 2011, following a review of the company’s financial position. In their capacity as Joint Administrators, Martin Smith and Nicki Hawksley have continued to trade the business for nine months, ensuring the continual supply to customers whilst maintaining the value of the brands they manufactured, and undertaking negotiations with a number of interested parties.

Andy Stevens a Director of Dains praised the staff for their continued support throughout the period of Administration.

The deal which has been completed for an undisclosed sum, sees Aikon International Ltd, www.aikonhk.com a Hong Kong based international supplier of thermal and hosiery textile products take over the business with immediate effect. The acquisition of the brands Palm, White Swan, Guardian and High Cross which are manufactured by Manchester Hosiery will play a significant role in assisting Aikon to expand their already significant southern hemisphere underwear and hosiery business into Europe, with their added pledge of continuing manufacture from the Hinckley factory.