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Cheshire-based lingerie and swimwear supplier Stirling Group, a company that designs and manufactures clothing for well-known retailers such as Marks and Spencers, has gone into administration.
This unfortunate turn of events means that 47 staff have lost their jobs at the company’s head office with a further 150 keeping their jobs until a buyer can be found. The group employs a further 50 members of staff in Nottingham who have also kept their jobs.
Business advisory firm Deloitte has been appointed to oversee the administration. Bill Dawson from Deloitte explained the reasons behind the move: “Stirling Group has suffered as a result of the recession and the financial challenges that have impacted the economy as a whole.”
Stirling Group reportedly has a turnover of over £100million and was de-listed from the London Stock Exchange after a management buyout in 2003.
M&S have said they are taking measures to ensure their supplies aren’t affected by this news.
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