Barrie Knitwear has been saved after being sold to global brand Chanel. The future of the firm had been put in doubt after their parent company Dawson International went into administration recently.
However, administrators KPMG have managed to secure the sale of the knitwear firm to safeguard all 176 jobs at the company's factory in Hawick.
Local MSP John Lamont has welcomed the announcement, and hopes that it will safeguard the future of the company for years to come.
He said: "This is fantastic news and will come as a great relief to all the employees at Barrie Knitwear who have been waiting nervously for news for over two months now. When Dawson International announced that they were to enter administration the first priority had to be to secure the future of Barrie Knitwear, and I am delighted that this has been achieved.
"I know that KPMG had been working hard to secure a buyer, and it is great that they have found one in Chanel. Chanel is a world famous company, that operates on a global scale, and with Barrie Knitwear in their ownership I am confident that the future of the firm is safe for the foreseeable future."
Borders MP Michael Moore has hailed news of Chanel's acquisition of Barrie knitwear as 'great news for the Borders'. He said: "I am very pleased that Chanel has made this investment in Barrie which recognises the company's historical significance to the textile industry and its importance as a major employer in the Borders.
"Ever since Dawson International was placed in administration in August I have been working closely with the management at Barrie to secure a sustainable future for the firm." And he added: "I look forward to Barrie thriving under the ownership of Chanel and I will continue to support the firm as they enter this new phase."