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10/05/2006
NI shirt company to receive major investment
A private equity group in Northern Ireland have announced that it has taken a major stake in a Londonderry based shirt factory.
Glenaden Shirts is the only remaining volume shirt manufacturer in the UK and the investment from Amicus Capital Partners, will enable the company expand business in North America and Eastern Asia.
Glenaden Shirts currently employs around 120 people and has factories in Northern Ireland and Morocco.
The company designs and manufactures top of the range men's shirts for top UK and North American retailers and in recent years has been creating its own brands, which are known as Thread & Bone and 1...like no other.
Director for Amicus Capital said that the company are delighted to add Glenaden to their portfolio and added that they see great value in both its relationship with Jermyn Street retailers and its own growing brand portfolio.
Andrew Lowden, Managing Director for Glenaden Shirts said that the investment will give them not only the financial clout to expand our business in North America and Far East Asia, but it also provides a wealth of experience in fashion, textiles and corporate finance which we hope to benefit from.
Meanwhile, around 40 jobs are to be lost at drinks warehouses in Londonderry and Omagh.
Diageo, the company which owns Guinness, is set to close the facilities to open a central distribution point near Belfast.
The warehouse at Skeogh Industrial Estate in Derry will close in March 2007, with 24 jobs being axed, while the Omagh plant is due to shut this August, resulting in the loss of 17 positions.
Diageo have said that employees who do not wish to transfer to the new Belfast plant, will be offered a redundancy package.
(EF/SP)
Glenaden Shirts is the only remaining volume shirt manufacturer in the UK and the investment from Amicus Capital Partners, will enable the company expand business in North America and Eastern Asia.
Glenaden Shirts currently employs around 120 people and has factories in Northern Ireland and Morocco.
The company designs and manufactures top of the range men's shirts for top UK and North American retailers and in recent years has been creating its own brands, which are known as Thread & Bone and 1...like no other.
Director for Amicus Capital said that the company are delighted to add Glenaden to their portfolio and added that they see great value in both its relationship with Jermyn Street retailers and its own growing brand portfolio.
Andrew Lowden, Managing Director for Glenaden Shirts said that the investment will give them not only the financial clout to expand our business in North America and Far East Asia, but it also provides a wealth of experience in fashion, textiles and corporate finance which we hope to benefit from.
Meanwhile, around 40 jobs are to be lost at drinks warehouses in Londonderry and Omagh.
Diageo, the company which owns Guinness, is set to close the facilities to open a central distribution point near Belfast.
The warehouse at Skeogh Industrial Estate in Derry will close in March 2007, with 24 jobs being axed, while the Omagh plant is due to shut this August, resulting in the loss of 17 positions.
Diageo have said that employees who do not wish to transfer to the new Belfast plant, will be offered a redundancy package.
(EF/SP)
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