Bonar Yarns at risk after cashflow issues
April 5, 2023
Specialist polypropylene yarn spinner Bonar Yarns has entered administration and is seeking a buying to save the business and over 60 jobs.
The Dundee-based company cited "unsustainable cash flow issues" but staff are being kept on as administrators FRP Advisory. “We will continue to trade the business in the short term whilst marketing the business and assets for sale with immediate effect and would urge interested parties to contact us as soon as possible," said Michelle Elliot at FRP.
Bonar Yarns has annual sales of c. £6.5m and has a reputation for innovation with a range of advanced backing yarns for axminster and wilton woven carpets and artificial turf.
Specialist products include sustainable 100% recycled yarns and flame-retardent products for airline, cruise and train markets.
Bonar Yarns Limited can trace its history back to the foundation in 1903 of the famous Low & Bonar business. The company, which is based at the Caldrum Works in Dundee, was acquired by a management buyout team in 2020.
FRP added: "“Bonar Yarns is highly regarded for its excellence in carpet yarns innovation, so we are hopeful that the business will be of interest to a company already operating in the broad coverings market or an entrepreneur keen to enter the market by acquiring an established brand.”
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