KPMG takes over at Hawick Knitwear as 120 jobs go

KPMG confirmed they had been appointed as administrators at the request of the company’s director.

It said that 123 staff had been made redundant with immediate effect, with a further 56 workers retained.

Administrators urged anyone who was interested in the company’s business or assets to contact them “as soon as possible”.

The company’s manufacturing heritage dates back to 1874 but it has been experiencing “difficult trading conditions” in recent years due to increasing production costs and reducing margins.

Recent mild winters have also been blamed for reduced demand for heavier winter garments.

Attempts to secure new investment proved unsuccessful leaving the director with “no option” but to place the company into administration.

Administrators said they were “assessing all available options” to complete garments in progress and see whether an early sale of the business, brands, infrastructure and assets could be secured.