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Smiths of Peterhead slips into administration over tax liability

11
Feb '11
Smiths of Peterhead, has been placed under an administrator after it failed to pay a tax bill.

The textile firm which dates back to 1818, has engaged Begbies Traynor to carry on its administration.

It is obvious that, the firm could not strike a consensus with Her Majesty's Revenue and Customs over a repayment proposal for a sum of over £120,000, which included tax payments for two years.

None of the 50 employees of the firm have been laid off, as the firm still continues to be in business, while the search for a buyer is still going on.

The company is engaged in production of woollen fabrics and knitwear yarns and has several high- end fashion houses like Gucci, Prada and Ralph Lauren in its clientele.

Thomas and Joshua Smith instituted the firm, which till 2005 traded in the name of Thomas Smith & Co.

In 2008, the firm relocated from its Kirkburn Mills location, and now has its establishments at Milladen Mill, Buchan Braes, Mintlaw and Boddam.

Fibre2fashion News Desk - India


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