Sudbury textiles business W Attwood set to cease trading after decades in town
A 125-year-old textiles manufacturer, which made Sudbury its home for almost 50 years, will cease trading next month due to a downturn in finances.
W Attwood Ltd, a family-run business based on Chilton Industrial Estate, announced on Friday it has started to wind down its operations and has appointed insolvency specialists to help fulfil its debts.
The company, which specialises in bias binding, corded piping and trouser waistbands, confirmed it will complete its obligations to customers through to the end of this month, and is set to close its doors for the final time on April 30.
The closure will result in redundancies for all seven employees presently working at the site, although bosses have made assurances that it will work to help them secure employment elsewhere.
Established in London by William Attwood in 1894, the firm relocated its production line to its current premises in Milner Road in the early 1970s.
The Sudbury factory also became the company’s head office from 2008 onwards, following the closure of its last London office, and the business remained in family ownership to this day under the fourth-generation managing director, William’s great-grandson Martin Attwood.
Mr Attwood stated the business had previously seen great success while it was based in the town, but it had experienced a decrease in revenue and profits during recent years.
He cited a general decline in the textiles industry – as well as a consumer trend towards purchasing a greater number of products and services from abroad – as the reasons for the financial struggles.
“It is with great regret that we have had to take the decision to cease trading,” Mr Attwood said following the announcement.
“However, following discussions with our professional advisors, the board felt it necessary to take these steps now, while we are still in a position to settle the company’s debts and other obligations in full.
“We have enjoyed many years of trading success, thanks in no small part to the hard work and dedication of our employees.
“We will now be supporting them during this difficult period to find work elsewhere, while continuing to complete customers’ orders to the end of March.”
W Attwood is now working in partnership with business recovery specialists CVR Global LLP, which will assist the board of directors with the winding up of the company’s affairs.
Lee De’ath, a partner operating at CVR Global’s office in Colchester, bemoaned the loss of the long-standing business.
“It is always disappointing to see a company with such a long and successful history cease trading.
“However, with the uncertainties surrounding future trading and succession, the board was keen to act now while matters remain in their own hands.
“We will be working with the board to oversee the orderly winding up of the company’s affairs. All customer orders will be fulfilled, and suppliers and employees will be paid what they are due.”