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Functional textiles producer IQ Textiles in administration

17
Sep '09
IQ Textiles Group which produces protection covers, tarpaulins, equestrian products, ducting textiles, industrial clothing and outdoor sportswear, as well as specialist products for the military and emergency services, has gone into administration.

The Scotland based, IQ Textiles was formed in March 2004 by the merger of three like-minded technical textile companies - Lothian Coated Fabrics, Diffusion Textiles and C-Teq Advanced Performance Textiles.

PricewaterhouseCoopers (PwC) are now trying to find a buyer for the business after directors at the company, voluntarily put the firm into administration after a significant decline in the order position of the functional textiles manufacturer.

Speaking on behalf of PwC, Bruce Cartwright, Administrator and Head of Business Recovery Services, said, “Our initial focus will be to continue to meet existing orders, while a buyer is sought and we will be looking for suitors, who maybe interested in combining IQ's production facilities with their own”.

Fibre2fashion News Desk - India


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