Buyer found for historic Borders knitwear firm

The Hawick Knitwear brand has been sold by administrators

The Hawick Knitwear brand has been sold by administrators

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A buyer has been found for Hawick Knitwear, which went into administration earlier this year with the loss of more than 120 jobs.

Lyber 2016, a group formed by Hong Kong-based Artwell, is to purchase some assets, the firm’s name and intellectual property.

Local MSP John Lamont said it was “good news” that the brand would be retained, but it was “uncertain” what long term plans were for the site and remaining staff.

He said: “We need to wait for the details of the purchase before there is a real reason to celebrate.”

READ MORE: Hawick Knitwear jobs lost as administrators called in

The sale, which includes plant and machinery, was secured by joint administrators Blair Nimmo and Tony Friar of KPMG, who had hoped to sell the business as a going concern.

Nimmo, who was last week promoted to KPMG’s UK head of restructuring, said: “We would like to thank everyone involved for their patience and perseverance during what has been a challenging sales process.

“We are very pleased to have achieved a sale of certain Hawick Knitwear key assets. We wish the purchaser every success in its new venture.”

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