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| Viyella goes into administration | Viyella goes into administration |
| (10 minutes later) | |
| The womenswear company Viyella, which was founded in 1784, has become the latest long-established British company to call in the administrators. | The womenswear company Viyella, which was founded in 1784, has become the latest long-established British company to call in the administrators. |
| The company has annual sales of about £30m and operates 40 stores, 64 concessions and four clearance outlets. | The company has annual sales of about £30m and operates 40 stores, 64 concessions and four clearance outlets. |
| Viyella, which employs about 450 people, said it believed there would be strong interest in buying the brand. | Viyella, which employs about 450 people, said it believed there would be strong interest in buying the brand. |
| It also expressed the hope that the administrators would be able to sell the business quickly to protect jobs. | It also expressed the hope that the administrators would be able to sell the business quickly to protect jobs. |
| Viyella's menswear and homeware businesses are unaffected. | |
| The City fat cats and their hangers-on who brought us the credit crunch have now brought down another iconic brand Paul Kenny, general secretary, GMB M&S cuts jobs | The City fat cats and their hangers-on who brought us the credit crunch have now brought down another iconic brand Paul Kenny, general secretary, GMB M&S cuts jobs |
| The jobs at risk at Viyella are the latest news on what has been a bad day for job cuts. | The jobs at risk at Viyella are the latest news on what has been a bad day for job cuts. |
| • Marks and Spencer announced it was closing 27 stores and cutting back at head office, with the loss of 1,230 jobs | • Marks and Spencer announced it was closing 27 stores and cutting back at head office, with the loss of 1,230 jobs |
| • The finance company Cattles cut 1,000 jobs as it cuts back on lending | • The finance company Cattles cut 1,000 jobs as it cuts back on lending |
| • Barclays Bank announced it was cutting more than 400 technology jobs. | • Barclays Bank announced it was cutting more than 400 technology jobs. |
| First branded cloth | First branded cloth |
| In a statement, Viyella's directors said, "Following an assessment of the current economic situation and the prospects for the future, the directors have reluctantly decided that they have no alternative but to place the business into administration." | In a statement, Viyella's directors said, "Following an assessment of the current economic situation and the prospects for the future, the directors have reluctantly decided that they have no alternative but to place the business into administration." |
| Viyella was originally registered in 1894 as the name of a cloth made from 55% wool and 45% cotton, which was the world's first branded cloth. | Viyella was originally registered in 1894 as the name of a cloth made from 55% wool and 45% cotton, which was the world's first branded cloth. |
| More recently, it was part of Coats Viyella and was a manufacturer and supplier of womenswear to retailers such as Marks and Spencer. | More recently, it was part of Coats Viyella and was a manufacturer and supplier of womenswear to retailers such as Marks and Spencer. |
| Since splitting from Coats Viyella, the company has had a number of different owners and built up the retail side of the business. | Since splitting from Coats Viyella, the company has had a number of different owners and built up the retail side of the business. |
| "The City fat cats and their hangers-on who brought us the credit crunch have now brought down another iconic brand," said Paul Kenny, general secretary of the GMB union. | "The City fat cats and their hangers-on who brought us the credit crunch have now brought down another iconic brand," said Paul Kenny, general secretary of the GMB union. |
| "The clothing jobs that were once a mainstream of manufacturing first migrated to China, while those within retail have gone as well now." | "The clothing jobs that were once a mainstream of manufacturing first migrated to China, while those within retail have gone as well now." |