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Textiles firm goes into liquidation

Date Added: 13/02/2013  

Financial issues have led to the liquidation of a textiles company in Scotland, with more than two dozen jobs lost as a result of the closure of the company.

Some 25 members of staff at Campbell's Contract Curtains have been told they are being made redundant as a result of the problems facing the firm.

The business, which was founded in 1979, has accounts showing a retained loss of £447,446, while shareholders funds were also found to be in negative territory at £277,446, reports the Scotsman.

Campbell's Contract Curtains, which has supplied handmade curtains, blinds, pelmets, cushions and soft furnishings to some of Scotland's best hotels - including Turnberry, Gleneagles and the Caledonian Waldorf Astoria and Balmoral in Edinburgh - was put into liquidation earlier in the month with all employees being made redundant as a result.

Tom MacLennan from RSM Tenon in Edinburgh has been appointed as the liquidator of the business, which is based in Alva, Clackmannanshire.

"The shareholders and directors had injected a lot to keep it afloat over the past couple of years. The accounts for the last year of trading and the period before that show significant losses," he said, adding the firm had a turnover of about £1.2 million and was owed around £100,000 from customers.

Directors Alexander and Susan Campbell put money into the company in a bid to keep it afloat, while RBS had also provided support in the form of business lending.

"We have got a couple of parties who are interested in buying the assets and starting up the business again but on a far smaller scale. However, there is no definite proposal," added Mr MacLennnan.

Last month, more than a hundred members of staff at Montgomery Litho, a printing firm in Scotland, were made redundant as the company went into liquidation.

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Posted by Michael Beam

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