ADMINISTRATORS seeking a rescue deal for Langholm textile firm, Reid & Taylor, have confirmed they have entered exclusive talks with one interested party.
There was shock when the 173-year-old firm went into administration recently with the loss of over 30 jobs.
The company blamed the move on a lack of working capital to purchase supplies. The deadline for expressions of interest in the business closed on Friday and a spokesman for administrators, O’Hara & Co, confirmed to The Southern yesterday that it had entered into a “period of exclusivity” for talks with one particular group. However, rumours the company’s Indian owners, S Kumars, which acquired the firm in 1998, would not sell the brand name, are correct.
O’Hara & Co says the Langholm mill has only been using the Reid & Taylor name under licence from a separate Indian holding company and that the name is not part of the talks.