Dundee-based Bonar Yarns, which went into administration in early April, has now been sold to Newman Yarns; a new business created for the purposes of the acquisition.
The deal, which is for an undisclosed sum, includes the transfer of the premises, all 59 staff, and all assets on a going-concern basis with immediate effect.
It is expected that Bonar Yarns will be retained as the trading name of the new business.
Newman Yarns was founded by John Newman, owner of Elite Turf USA, a distributor and installer of synthetic sports turf.
From its New Jersey headquarters, the business supplies recyclable synthetic turf to a range of sports stadia and venues across the US. It was previously a customer of Bonar Yarns.
Elite Turf chief executive John Newman said: “We are delighted to have agreed a deal with the joint administrators to acquire the assets of Bonar Yarns and look forward to integrating the company into our expanding synthetic turf business.
“We are also delighted to retain the knowledge and experience of all 59 staff and look forward to welcoming them to Newman Yarns.”
Joint administrator Michelle Elliot, a partner with FRP Advisory, said: “The sale of Bonar Yarns to Newman Yarns in just over two weeks is an excellent outcome for all concerned.
“It will ensure the ongoing production of Bonar Yarns’ highly regarded range of specialist yarns and continuity of supply to a high-quality customer base.
“It is particularly rewarding to have secured the transfer of all 59 staff, and we wish Newman Yarns and Elite Turf USA every success with the acquisition and their future plans.”
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