THE HOME of a major Dukinfield firm which slipped into administration has been placed on the market for almost £3 million.
Tower Mill, on Park Road, is up for sale after Culimeta-Saveguard, parent firm of English Fine Cottons, suffered financial issues in March.
Many of the around 100 employees were visibly shaken after being given the news their jobs are under threat on Monday, March 18 that it had called in administrators BDO LLP on Friday, March 15.
Now even though a search to find a buyer is on, seeing its home placed up for sale for £2.95 million has raised further concerns.
According to documents, the Grade-II listed building offers five floors, including a basement, of space, totalling 136,385 sq ft.
A licence to occupy, costing £50,000 per month, is in place until May 2025 but they do highlight planning permission to convert the site into 75 flats and three office blocks being granted in 2007.
Documents state it is a: “Detached former cotton mill with a five-storey tower and a large Victorian era masonry brick chimney.
“The property has been extended in part and a detached workshop has been constructed to the rear of the mill.
“The property has been split internally to provide warehouse, manufacturing, offices, canteen and WCs over four storeys plus basement.
“To the front of the property (south-east corner), there is a two-storey building connected to the mill which provides reception / showroom and ground floor with office and staff accommodation above.
“There are two goods lifts located on both the east and west elevations which serve all floors including basement.
“The original lift has been decommissioned and removed leaving a void within the first, second and third floors.”
At the time Culimeta-Saveguard went into administration, joint administrator Kerry Bailey told The Correspondent: “The joint administrators will seek to maximise realisations for creditors in line with their duties.
“We are exploring the possibility of trading all or part of the business as we seek a potential buyer to help safeguard as many jobs as possible.”
The firm made headlines in 2015 with an investment of almost £6 million to bring Tower Mill back into production under its English Fine Cottons brand after the last mills closed in the 1980s, creating more than 100 jobs.
Culimeta-Saveguard said at the time: “Our mission to bring cotton spinning back to its spiritual home in the North West of England has been several years in the making.
“Now we’ve launched English Fine Cottons as the only commercial cotton spinner in the UK.
“We’re breathing new life into a British industry that used to be the envy of the world. Our Victorian former cotton mill is now home to the most modern cotton spinning facility anywhere.
“We’ve created a true ‘Made in Britain’ business, sourcing premium raw materials globally to produce some of the finest quality cotton yarns available.
“Now UK designers and garment manufacturers can access home-spun luxury yarns and truly claim British provenance.”
However, that dream appeared in danger after BDO were called in in March. Now as the mill is on the open market, it is shrouded in even more uncertainty.
When the UK’s price for business electricity is five times that of China and three times that of India, it’s no wonder that industries based here struggle to compete and survive.
Unfortunately, if the UK’s net-zero loonies get their way, that price gap will probably increase and yet more industries will relocate overseas.
Meanwhile, the countries guzzling fossil fuels and churning out masses of CO2, such as China, are laughing all the way to the bank.