Innerleithen - JJ&HB Cashmere Mills,
formerly known as Ballantyne Cashmere, has been placed into administration.
The news represents a further blow to a
region already suffering from numerous mill closures and job losses in recent
years, particularly as the company, renowned for its fine, hand made intarsia
knitwear, was acquired by new owners as recently as 2008. Up to 176 jobs are at
risk.
The brand, which was founded in Innerleithen, Scotland, is one of the country?s
oldest cashmere manufacturers and was bought by Italian equity firm Charme
Investments in partnership with Alfredo Canessa in 2004. Purchased from
previous owners Dawson International, the deal included the production and
distribution organisation of Ballantyne with its Innerleithen factory, the
Japanese distribution branch, flagship stores, and stores within leading
department stores.
It was then purchased in 2008 by Italian textile
supremo Massimiliano Zegna Baruffa, former owner of yarn spinner Zegna Baruffa,
who acquired a 55% stake. A quarter stake was also sold off to US retail firm
Brooks Brothers leaving the mill?s current Italian owners with a 20% share.
