Martin Smith and Nicki Hawksley of Midlands business advisers Dains LLP have been appointed as Joint Administrators, to manage the affairs of Hinckley based company, Manchester Hosiery Limited.

The Administrators' team is currently assessing ongoing work and future orders to determine the viability of trading in Administration while a potential purchaser is sought for the business and assets.  

Manchester Hosiery Ltd is an established textile manufacturer based in Hinckley, which has been manufacturing cotton and thermal underwear and outerwear.  The company sells its products to a wide range of customers both in the UK and abroad.  It currently employs 54 people and had an annual turnover of £1.8million.

The appointment followed a review of the company's financial position, which Dains had been instructed to carry out by the Board.  The company has suffered cash flow problems and made a loss during 2010, despite reducing the workforce and cutting overheads during the year.    

The Board expressed regret at having to make such a decision, however, conceded that there were no other viable options for the company to take in the current circumstances and are hopeful that a purchaser will be found.

For all enquiries regarding purchasing the business and its assets, please contact Andy Stevens at Dains on 0845 555 8844.