Fii axes Northern Ireland footwear plant
The Northampton, UK-based footwear manufacturer Fii has said it is to close its Banbridge, Northern Ireland, factory and outsource all its production to Far Eastern producers.
In a statement to the London Stock Exchange on Tuesday, the company blamed price competition and the increased demand for leather shoes – the company’s main output being synthetic types.
Formerly known as Down Shoes, the factory was established in Banbridge in the 1950s and at one time employed more than 600 workers. In recent times it had concentrated on the production of Lotus ladies shoes and Frank Wright men’s shoes, as well as Fii own-brand styles.
Last month the company showed how it had cut final pre-tax losses from £7.9 million ($12.2 million) to £690,000 ($1.2 million) - having made particular progress with the core Lotus brand over the previous twelve months. Frank Wright performed below expectations, however, while private label output suffered in the face of rising price competition from overseas producers. Around 140 jobs will go with the closure of the factory.
