Sudbury-based textiles manufacturer, Silk Industries that trades as Vanners, has been bought out of administration by businessman Roger Gawn.
Vanners, which develops and manufactures silk fabrics and products for the luxury menswear, fashion and furnishing markets, fell into administration on November 9, 2020.
Silk Industries appointed James Lumb and Chris Pole from KPMG’s restructuring practice as joint administrators claiming at the time that they had been “experiencing difficult trading conditions for some time, which was exacerbated by the severe impact of COVID-19 on the fashion sector”.
Following the appointment of administrators, it made half of its 64 employees redundant.
The business has now been saved by Gawn, who also owns British luxury goods maker Swaine Adeney Brigg, and will continue to trade through a new company, Vanners Silk (1740) Limited.
As part of the deal, the new owners will retain 31 staff members.
Roger Gawn acquires Vanners and saves 31 jobs
James Lumb, joint administrator and director at KPMG, said in a statement: “We have had the opportunity to work with this business over recent months and the quality that runs through its heritage and values are really impressive.
“We are very pleased to have secured this sale; not least because it protects the jobs of the 31 members of staff we retained. We wish the new team every success for the future.”
Vanners managing director Laura Gore said in a statement on LinkedIn: “We are delighted to announce that Vanners is now under new ownership. An experienced businessman, Roger Gawn, (owning brands such as Swaine Adeney Brigg, Herbert Johnson, Pendragon and more), has now completed the purchase of Vanners, protecting our employees’ jobs and ensuring our historic company continues with a new impetus.
“2021 will be another challenging year but one that we are really excited about. We are looking forward to working with our existing clients and partners, and introducing new clients to our luxury products.”
Image: Vanners Linkedin