World famous Yeovil glove maker Pittards looks for buyer

A world famous leather company, which makes gloves for the royal family and emergency services, has filed a notice of intention to appoint administrators.

Pittards, based in Yeovil, Somerset, was founded in 1826 and has tanneries in Ethiopia.

In July, the company told stakeholders it had not managed to secure necessary funds and was looking to find a buyer.

The company said the recent pound crash, rising interest rates and inflation have caused difficulties.

A spokesperson from Pittards said: "On 8 August 2023 Pittards filed a notice of intention to appoint administrators to provide protection against creditors whilst a buyer for the business and assets is sought."

They added that Pittards currently continues to trade.

Chief executive of the group, Reg Hanky, took over the business in 2007.

The firm had been aiming to crowdfund through corporate investors to raise £1.16m in capital.

It was part of a deal to secure millions more in overdraft funds with its bank over the next two years.

But it did not hit its target, instead raising just over £300,000, which will now be returned.

Marcus Fysh, the MP for Yeovil, said he would be working to see what could be done to preserve the business.

"This business is very significant because it's been here since 1862. It's the last of the old gloving businesses in Yeovil," he said.

"Some might know that Yeovil in the 19th Century had an 80% market share globally in glove making."

Mr Fysh said he had been trying to help by speaking to the Department of Trade and Industry to see if there might be trade finance solutions to get the business through.

He added that hundreds of jobs in the UK and Ethiopia depend on the business continuing.

Correction Monday 14 August: Article amended to make it clear that the company has not gone into administration but has filed a notice of intention to appoint administrators.

Follow BBC West on Facebook, Twitter and Instagram. Send your story ideas to: [email protected]