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Warmwear secures 1m funding for business expansion
UK based Warmwear Ltd, which makes thermal clothing for some of the country's major retailers including Next, Shop Direct and BHS, has secured £1m in funding from GE Capital for business expansion. The thermal knits industry has been in decline in the UK for several years, but Warmwear's managing director, Fiona Smith, is said to be confident that her company will be able to thrive by tapping into the local skills
8th September 2011
Knitting Industry
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St Helens
UK based Warmwear Ltd, which makes thermal clothing for some of the country's major retailers including Next, Shop Direct and BHS, has secured £1m in funding from GE Capital for business expansion.
The thermal knits industry has been in decline in the UK for several years, but Warmwear's managing director, Fiona Smith, is said to be confident that her company will be able to thrive by tapping into the local skills base of former textile industry employees.
Warmwear has ambitious growth plans, including creating a website for its thermal products and launching an up-market range called Cosy Couture.
GE Capital has provided Warmwear with a £1m asset-based lending facility. Richard Spielbichler, regional director at GE Capital, said: "GE Capital has long promoted the need for SMEs to be able to access robust financing options in order to drive economic growth."
"Although textile manufacture in the UK is often seen as a sector in decline, we were impressed by the strength of Warmwear's order book and business fundamentals. We look forward to developing a long-term relationship with Warmwear as they gear up production and build on the opportunities for growth ahead."
Ms Smith, who has worked in the textiles industry for many years, told the Liverpool Daily Post this week:
"This used to be a massive industry in this area. From scratch we've found premises in Haydock, got 45 machines, and started manufacturing. We're now advertising for machinists and knitters to get hold of the skills and expertise locally."
"It's quite interesting that a lot of people responding to these adverts are saying that they've not been doing this work for 10 years - they've been packers, and warehouse operators," Ms Smith said adding:
"But we're seeing that skills base still exists. And some retailers, such as BHS, like their manufacturing to be done in the UK. We have nine people on our books at the moment, and we're trying to double that in the next couple of months."
Warmwear was founded last year and uses traditional circular knitting machines, some of which are very old. The company bought its machines from a UK company that had gone into administration.
Source: Liverpool Daily Post
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