Former Westwood Yarns machinery sold at auction for over £1million
Textile machinery and other assets at the former Westwood Yarns site in Holmfirth have been sold, fetching over £1 million in total in an online auction.
The sale was managed by our machinery and business assets team in Manchester, who were appointed by administrators KPMG in December last year. The online auction comprised over 560 lots, and attracted interest from more than 200 registered buyers from as far afield as Turkey, Russia, India, Denmark, Italy and France.
Commenting on the successful sale of the machinery, John Noon, senior manager at KPMG, said: "This is a pleasing result for the creditors of Westwood Yarns. Sanderson Weatherall's ability to connect with a wide range of interested buyers, both in the UK and overseas generated significant interest in the auction, strengthening the return available to creditors. Offers are still being received and considered for the property itself,."
Roy Tubman and Mark Lord, partners in our machinery and assets department, arranged the sale of the machinery and equipment. David Murray and Craig Watson, who work in our agency department in Manchester, are leading the property sale.
Westwood Yarns previously employed 130 people and produced specialist carpet yarns. The property comprises 168,551 sq ft including a mixture of production workshop, office and ancillary space set in an 8.54 acre site that would be suitable for redevelopment or conversion, subject to planning.
Commenting on the response to the auction, Roy Tubman said: "While the UK textile industry has declined in recent years, there is a robust trade overseas so assets of this quality are in high demand, as is shown by the significant amount raised at auction.
"At Sanderson Weatherall one of our strengths is our ability to offer multiple services under one roof, such as in this case where we are working alongside our colleagues in the property division to achieve the maximum possible return for Westwood Yarns' administrators."