Scottish luxury knitwear brand Peter Scott & Company has been bought by duffle coat specialist Gloverall for an undisclosed amount.
The 130-year old knitwear brand fell in to administration in May after sales were impacted by increased competition from overseas imports and a decline in international demand for luxury products.
The business and assets of Peter Scott & Company, which is based in Hawick in Scotland, have been sold to Gloverall, which manufactures duffle coats.
Peter Scott & Company’s remaining employees will transfer to Gloverall. At the time of the administration 119 out of its 140 Peter Scott & Company staff were made redundant.
Gloverall director Samuel Lee, said: “Gloverall is delighted to acquire a business with such a rich heritage and brand presence. We are currently reviewing our intentions to recommence full production of Peter Scott & Company products in Hawick and will be in a position to make a formal announcement in the near future.”
Blair Nimmo, head of restructuring for KPMG in Scotland, said: “This is a fantastic result for the company, staff, creditors and the town of Hawick. Peter Scott & Company is synonymous with quality clothing and the Borders region, so it is particularly pleasing to finalise this sale.