Customer saves Bonar Yarns
Special yarn producer Bonar Yarns has been bought out of administration by Elite Turf USA. The US-based installing company bought the UK-based yarn producer for an undisclosed sum.
Elite Turf USA is owned by John Newman who also founded Newman Yarns.
Speaking to the BBC, 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, “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.”
Bonar Yarns was founded over a century ago and is known for producing anti-static yarns, UV stabilised yarns as well as supportive yarns used in backings for outdoor sports surfaces.
The company filed for business administration in early April after suffering unsustainable cash flow issues. It had a turnover of GBP 6.5 mln. In 2020, the company was bought out by management.