Jobs saved as US firm buys collapsed Dundee yarn maker
An American firm has saved nearly 60 jobs in Dundee after buying a yarn manufacturer out of administration. Administrators from FRP Advisory said they had sold Bonar Yarns to a new company founded by former customer Elite Turf USA for an undisclosed sum. Bonar Yarns called in administrators last month after suffering cash flow difficulties. The firm, which was founded more than 100 years ago, specialises in polypropylene carpet backing yarns. The deal includes the transfer of all 59 staff and company assets to Newman Yarns with immediate effect. Bonar Yarns is expected to retain its trading name. Newman Yarns was founded by John Newman, who owns New Jersey-based synthetic sports turf distributor and installer Elite Turf USA. Mr 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 said the sale was "an excellent outcome for all concerned". She added: "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." Jobs under threat after yarn producer collapses Morocco rescuers dig with bare hands as foreign aid sent US denies Cold War with China in historic Vietnam visit How Russia and West agreed on Ukraine G20 language How Russia and West agreed on Ukraine G20 language US denies Cold War with China in historic Vietnam visit 'Everyone in this village is either dead or missing' A Serbian scientist's long quest to name Srebrenica's dead How chronic pain feels for me. Video How chronic pain feels for me Guyana scrambles to make the most of oil wealth The spongy creatures cleaning Zanzibar's oceans. Video The spongy creatures cleaning Zanzibar's oceans Inside a 'hijacked' South African building. Video Inside a 'hijacked' South African building The rise and fall of a parenting influencer Florida's first hurricane-proof town The greatest spy novel ever written? Why is everyone crazy about Aperol? 2023 BBC.