Employees at the historic glove making and luxury leather goods specialist Pittards are being made redundant after initially promising takeover talks with an unnamed party looking to acquire the business out of administration failed to reach a successful outcome.
Pittards in Yeovil, Somerset was founded in 1826 and had 135 UK employees plus a further 900 in Ethiopia. It had filed a notice of intention to appoint administrators in August as it struggled to absorb higher costs of borrowing and production. This resulted in the appointment of Lucy Winterborne and Dan Hurd of EY-Parthenon as administrators on 4th September.
In a statement, the administrators said: “As no other party has expressed an interest in acquiring the business, the company has now ceased to trade with immediate effect and sadly, the majority of the company’s UK employees have been made redundant.
“Administrators are assessing options with regards to its Ethiopian business and are in discussions with local management in this regard.”
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