4 February 2010, Hawick - According to a BBC news report this
morning, Scottish borders based Pringle of Scotland recorded losses in excess
of £9m for the third year running in its latest accounts. However, the company’s
Hong Kong headquartered owners Fang, are said to believe the company still has
a bright future.
The report says that in their latest accounts, directors
stated they did not expect short-term profits but were satisfied with the
"development of the brand". Pringle ceased production at its historic
mill in Hawick in 2008 but retains its head office in the town. The company was
bought by the Fang family from Dawson International ten years ago.
The Pringle brand has been repositioning itself in an
attempt to gain new customers beyond its traditional golfing clientele but the latest
accounts show it suffered a loss before tax of £9.3m in the year to 28 March
2009, slightly down on the £9.5m posted in 2007/8. This is the third year in a
row the deficit has been more than £9m but even so the company said it
continued to invest in the "long-term development of the Pringle brand and
business on a global basis".
The accounts show that redundancy costs relating to the
closure amounted to around £800,000. Since the closure of its Hawick mill Pringle
has been outsourcing some of its knitwear production to companies in the
Borders and elsewhere. Pringle, which was formed in 1815 was the flagship of
the knitwear trade in the Scottish borders, employing as many as 2000 workers
at one point.
