The takeover of struggling Calais lace manufacturer Noyon has been validated by a commercial court in Boulogne.
Confirming the news to Lingerie Insight, a spokesperson for Noyon said a new consortium, made up of Van de Velde, La Perla, MAS Holdings and Etam, has successfully bid for an 80% stake in the company.
The consortium, grouped under a new entity called Société Noyon Dentelles, will inject EUR1.5million into the company and is committed to the continued employment of the manufacturer’s 170 members of staff, Noyon’s lawyer Antoine Deguines told French news site Fusacq.
Noyon, a family business, has produced Calais lace for lingerie and corsetry manufactures since 1919.
But the company has been in financial distress for years. It filed for bankruptcy in 2008 and managed to relaunch afterwards, although its turnover dwindled and its debt rose.
Two years ago, it made EUR18.3 million turnover, but now it is down to EUR13.5 million and it also carries a EUR7 million debt, reports Retail Detail.
The company was forced to file for bankruptcy again in September 2016.