FRP advisory appointed joint administrators to Bonar Yarns
Michelle Elliot and Callum Carmichael, partners with FRP Advisory, have been appointed joint administrators of Bonar Yarns Limited, the Dundee-based manufacturer of specialist polypropelene carpet backing yarns.
Founded over a hundred years ago, Bonar Yarns produces a range of advanced backing yarns used across the world in a variety of environments and sectors.
The company, which is based at the Caldrum Works in Dundee, was acquired by a management buyout team in 2020. It has a turnover of around £6.5 million and employs 61 staff. The administration was caused by unsustainable cash flow issues.
The business will continue trading in the short term whilst the joint administrators search for a buyer. There have been no redundancies.
Joint administrator Ms Elliott said: “Bonar Yarns Limited can trace its history back to the foundation in 1903 of the famous Low & Bonar business that specialised in the manufacture of technical textiles. Following a management buyout, the business focused on developing and marketing innovative yarns for a variety of different floor covering and artificial sports turf markets.
“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 at firstname.lastname@example.org
“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.”