Get involved: send your pictures, video, news and views by texting TANEWS to 80360, or email
Keighley decorations firm to shed 190 jobs
7:00am Saturday 21st December 2013 in News
The scale of job losses at a Keighley Christmas decorations firm is more than treble what was first thought.
Nearly 190 people have been hit by the closure of Fuzzwire this week – devastating families in the run-up to the festive season.
But there is hope as it was revealed that Fuzzwire sold its contracts to an Austrian-owned group which could create new jobs.
Fuzzwire’s premises in Aireworth Road were locked and deserted after staff were told on Tuesday that their jobs had gone.
At first, it was thought 59 people were affected. But Bristol-based FRP Advisory, which is likely to be appointed administrators, revised that figure up to 187 – 65 full-time, 44 part-time and 78 self-employed workers who help with the installation of decorations.
FRP partner Andrew Sheridan said there was a huge amount of sympathy for those who have lost their jobs.
He said: “It is anticipated that the assignment of Fuzzwire’s contracts to new owners will create job opportunities with that company in the near term. But at this stage we can’t know how many jobs or where they might be.” FRP staff were scheduled to visit the Fuzzwire premises yesterday. All Fuzzwire’s contracts to install and remove Christmas decorations from malls have been sold on to MK Illuminations, part of a group which services more than 400 of Europe’s biggest retail centres. Mr Sheridan said: “This was to safeguard management of decorations already in place and their removal seamlessly to timetable in the new year. Also to ensure reinstallations of decorations at shopping malls in 2014 and beyond.
“In recent weeks, Fuzzwire has suffered a sharp deterioration in its financial position which put unsustainable pressure on cash flow. Despite efforts to attract external investment or sell the business as a going concern, no buyer has emerged. This meant directors had to take the regrettable decision to make all staff redundant.”
FRP Advisory partners Andrew Sheridan and Leeds-based Phil Pierce were yesterday appointed joint administrators of Fuzzwire.
Comments are closed on this article.