Stirling Group, the Cheshire-based lingerie and swimwear supplier, which has contracts with retailers including Marks & Spencer, has hit the buffers.
Stirling Group designs and manufactures clothing for big-name retailers, specialising in lingerie and swimwear.
Some 47 staff have been made redundant at the company’s head office in Altrincham with 150 being kept on in the hope that a buyer can be found. Stirling Group employs a further 50 staff in Nottingham who are also being kept on. In addition, the business has operations in Sri Lanka and India.
Bill Dawson and Lee Manning of Deloitte, the business advisory firm, have been appointed joint administrators of Stirling Group.
Dawson said: “Stirling Group has suffered as a result of the recession and the financial challenges that have impacted the economy as a whole. We will continue to trade the company as a going concern whilst actively exploring the options for sale.
A spokesman for M&S said: “We are taking measures to ensure this doesn’t affect our supplies.”
Stirling Group reportedly has a turnover of more than £100m. The company de-listed from the London Stock Exchange after a management buyout led by Steven Bentwood in 2003. The deal was valued at £60m.