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11/01/2002
Local textile company receives IDB lifeline
Jobs have been saved at Saintfield Yarns thanks to a rescue plan put forward by the Industrial Development Board (IDB) which has managed to secure enough funding to protect the 140 members of the remaining workforce.
The County Down industrial textile company recently lost half its business when two of its most important customers closed during a period when orders were significantly reduced all round. The firm was then forced to make 40 people redundant just before Christmas, with the rest of the workforce facing an uncertain future.
Commercial Director Philip Sandford, explained: “We were hit with three extreme blows. Our major customer, who took approximately 30 per cent of our business, went into administration in November and then went into closure.
“Another of our customers – who specialised in the contract flooring sectors – felt a severe knock-on effect from September 11 and its intake was reduced significantly. A third was dependent on carpet it made for the aircraft industry – again, as a result of September 11, it was forced to close.”
IDB officials met over the holiday period to discuss emergency measures to save Saintfield Yarns.
It was eventually decided to offer financial assistance of around £150,000 so that the company could meet current demand and ensure the remaining 140 jobs would be preserved for the immediate future. (CL)
The County Down industrial textile company recently lost half its business when two of its most important customers closed during a period when orders were significantly reduced all round. The firm was then forced to make 40 people redundant just before Christmas, with the rest of the workforce facing an uncertain future.
Commercial Director Philip Sandford, explained: “We were hit with three extreme blows. Our major customer, who took approximately 30 per cent of our business, went into administration in November and then went into closure.
“Another of our customers – who specialised in the contract flooring sectors – felt a severe knock-on effect from September 11 and its intake was reduced significantly. A third was dependent on carpet it made for the aircraft industry – again, as a result of September 11, it was forced to close.”
IDB officials met over the holiday period to discuss emergency measures to save Saintfield Yarns.
It was eventually decided to offer financial assistance of around £150,000 so that the company could meet current demand and ensure the remaining 140 jobs would be preserved for the immediate future. (CL)
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