A SCOTTISH firm has gone into liquidation with almost 60 staff being made redundant.
Dundee-based Newman Bonar was established to acquire the assets from the administrators of Bonar Yarns, an over 100-year-old business which manufactured textiles.
The directors sought to stabilise the business but faced intense challenges with significant increases in costs due to the high inflationary environment, and particularly energy costs Blair Nimmo and Geoff Jacobs from Interpath Advisory were appointed joint provisional liquidators of the company on Wednesday.
The company employed 57 staff, the majority of whom have already formally been made redundant.
READ MORE: Scottish firm goes bust amid soaring costs and recruitment issues
Jacobs, managing director at Interpath Advisory and joint provisional liquidator, said: “This is indeed very disappointing for Dundee City to see the closure of a long standing business. Our focus will be on supporting the employees affected, and securing and realising the assets of the company which primarily comprise its name, customer base, stock and plant and machinery.
“Clearly, it would be great to see the business continue in some manner and therefore, if any party has an interest in acquiring the business and/or its assets, they should contact the joint provisional liquidators as soon as possible.”
John Newman, owner of Newman Bonar Ltd, thanked the staff for their support, commitment and dedication to working with the board over many months to try and secure a future for the business and said he recognises this is a difficult and disappointing outcome for everyone concerned with the company.
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