Thomas Smith sells Kirkburn Mill

The British textile company Thomas Smith and Co has put its Kirkburn Mill in Peterhead up for sale. Recievers PricewaterhouseCoopers, who were assigned to the business in December 2004, are attempting to negotiate an agreement to save the business. Thomas Smith is said to be planning to sell the factory and move production to its other plant in Mintlaw.

The company was forced to fire over 60 employees last year as a result of a restructuring strategy. At present it is not yet clear how many of the 50 workers at Kirkburn Mill will keep their jobs. PricewaterhouseCoopers wants to sell the business as a going concern. Thomas Smith manufactures raw wool to make yarn under the trade names Rennies, and Alexander of Scotland.