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UK's Ruia Group secures stake in Hawick Knitwear
11
Jul '12
Ruia Group, a textile firm based in Bolton, UK, has secured a 50 percent stake in Scottish Borders knitwear manufacturing firm Hawick Knitwear. 
 
The move is seen to prove instrumental in safeguarding about 200 jobs at Hawick.
 
Hawick Managing Director Benny Hartop, who led a management buyout from firm’s previous owner Harris Watson in 2010, said there would be no managerial changes following the deal, and the business would continue as usual.
 
Mr. Hartop said they preferred having an important customer on board, which can help them ensure a long-term future, as there are ample product similarities with Ruia’s well-known golf brand Glenmuir.
 
Ruia also owns apparel brands SockShop and Farah.
 
Hawick Knitwear, which sells in Finland, Germany, Sweden, Ireland, Belgium, Italy, France, Spain, the Netherlands and the UK, also ships its products to the US, Japan, Canada and Mexico. 
 
Post acquisition by Mr. Hartop in 2010, the company raised its production to meet rising demand for its quality knitwear and also announced plans to add 50 new trainees over the next three years.
 
In April last year, the firm’s turnover registered a year-on-year rise of 20 percent and grew to eight million pounds, while its production of sweaters also increased from 7,500 pieces per week in April 2010 to 9,500 sweaters per week.
 
Hawick Knitwear, established in 1874, now operates with a staff of 230 people.
 

Fibre2fashion News Desk - India


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