31 July 2006
SHETLAND DEVELOPMENT TRUST TAKES SHAREHOLDING IN TEXTILE COMPANY
Shetland Development Trust has announced that it has taken a £100,000 shareholding in textile company, Jamieson’s Spinning (Shetland) Ltd, and will work with the company to investigate new markets, develop the business and its workforce and extend knitting yarn sales.
Commenting on the Trust’s decision to become a shareholder, chairman of Shetland Development Trust, Josie Simpson, said: “The Jamieson’s Spinning shareholding is a strategic move to assist in the development of the Shetland textile industry. Not only will it allow the Trust to have a direct input into developing the marketing of Shetland and Shetland products, it will also assist in strengthening a rural business and help secure and improve employment opportunities.
“The company has already demonstrated its commitment to retaining and developing its skills base into the future through the recent recruitment of a graduate in textile design and a trainee factory technician.”
Managing director of Jamieson’s Spinning (Shetland) Ltd, Peter Jamieson, said: “We are delighted to have received this investment. With all the changes taking place in the local textile industry, we have had to revisit how we operate in order to secure a future for the company. Shetland Development Trust’s support has given us the extra capital required to do exactly that.”