Teddy bear firm closes
Shropshire's Merrythought teddy bear factory - one of the last soft toy manufacturers in Britain - today closed down with the loss of 48 jobs. Company bosses blamed the closure of the Ironbridge works on cheap competition from abroad. Shropshire's Merrythought teddy bear factory - one of the last soft toy manufacturers in Britain - today closed down with the loss of 48 jobs. Company bosses blamed the closure of the Ironbridge works on cheap competition from abroad. The three-generation family business is run by 56-year-old Oliver Holmes. His grandfather founded the firm, which celebrated its 75th anniversary last year. The shock news was broken to all 48 staff at a mass meeting this morning. They were told they were being made redundant immediately and were unlikely to get pay owed to them until after Christmas. Read the full story in the Shropshire Star
The three-generation family business is run by 56-year-old Oliver Holmes. His grandfather founded the firm, which celebrated its 75th anniversary last year.
The shock news was broken to all 48 staff at a mass meeting this morning. They were told they were being made redundant immediately and were unlikely to get pay owed to them until after Christmas.
Senior manager Caroline Smith, of Birmingham-based insolvency specialists Heathcote & Coleman, was at the Ironbridge factory today to advise Mr Holmes and fellow directors.
She said a meeting of creditors would be held on December 14 when the company would be formally placed into liquidation at the instigation of the directors.
"Today, our main priority is assisting 48 employees who have been told they no longer have a position here," she said.
"Some of them have worked here all of their lives. We will assist them in any way we can."
A statement released on behalf of the company said: "The directors of Merrythought Toys regrettably announce the cessation of manufacture of their products in Ironbridge due to the ongoing effects of external economics.
"The company's quality products, including collectable teddy bears, rocking and wheeled toys together with a comprehensive range of soft toys, have been demanded worldwide, achieving collector status and a global following.
"Despite the best endeavours of the management team and the absolute dedication of a loyal and talented workforce, it has proved impossible for Merrythought to remain competitive against foreign produced goods."
The statement added: "The directors extend their most sincere thanks to all those who have supported the business."
By Amy Bould and Peter Johnson
