The company said the operation would be merged into its Tilsa division at Wakefield, although the firm will retain its Hayfield hand-knitting yarns as a distinct brand.
The move, expected to cost about £3.8m, would not have a damaging impact on the bottom line as Sirdar forecasts year results to be broadly in line with expectations. The company also announced it would pay a final dividend not less than last time's 3.70p per share.
Sirdar estimated Hayfields' trading loss in the current year at £1.3m. The company, when it posted its annual results in September, said it was being hit by a worldwide slump in hand-knitting. Greater focus would therefore be placed on its Tilsa yarns business.Reuse content