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Pittards to go for restructuring
22 Mar '06
1 min read
Pittards, the loss-making 180-year-old leather group is undertake complete restructuring to avoid its collapse.
Under a plan, the company will close its Leeds plant laying off 360 employees, and shift production of shoe leather and other leather goods including saddles, to Yeovil and the Ethiopia Tannery.
The tannery which is Ethiopia's largest, has been under the Pittards since last year.
Since its origins in 1826 when Charles Pittard started a shop as a leather dresser in Yeovil, Pittards has won national acclaim.
It has supplied leather gloves to RAF pilots during the Second World War and is providing leather for boots worn by English football teams.
However, cheap-labour and low-cost goods from rival countries have severely affected Pittards' bottom and top lines.
Last year, Pittards' pre-tax losses hit £10.4 million, after a £4 million loss in 2004.
Under a plan, the company will close its Leeds plant laying off 360 employees, and shift production of shoe leather and other leather goods including saddles, to Yeovil and the Ethiopia Tannery.
The tannery which is Ethiopia's largest, has been under the Pittards since last year.
Since its origins in 1826 when Charles Pittard started a shop as a leather dresser in Yeovil, Pittards has won national acclaim.
It has supplied leather gloves to RAF pilots during the Second World War and is providing leather for boots worn by English football teams.
However, cheap-labour and low-cost goods from rival countries have severely affected Pittards' bottom and top lines.
Last year, Pittards' pre-tax losses hit £10.4 million, after a £4 million loss in 2004.
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