Scotland ‘s oldest producers of cashmere, John Laing of Hawick, have requested receivership, according to a report in The Scotsman. The 175-year-old company, which supplies to high end shops including Harrods, is said to have lost the support of its major investor, a Japanese construction company, in August. This has left the company reeling. Less than a month ago Hawick knitwear company Douglas of Scotland closed, costing 42 jobs. The receivership means the loss of 52 jobs at the company. Receivers KPMG have said they will try to find a buyer for the company, thereby salvaging the remaining 43 jobs.

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“It is a long-established business with an excellent reputation and we are hopeful that, with the support of customers, suppliers and the remaining staff, we can preserve the business as a going concern and find a buyer,” Blair Nimmo of KPMG told The Scotsman. “The business had been incurring significant losses over the last few years, largely due to some bad debts and increased foreign competition. Recent cash flow difficulties left the directors with no choice but to request the appointment of receivers.”