RICHARDS, one of Scotland's oldest traditional textile
businesses, may relocate after executives agreed to offer its prime city centre site for sale.
The proposed sale of the 10-acre plot in Aberdeen's
Mayberly Street will need the consent of Historic Scotland, as the buildings are A-listed.
''Every company needs to make the best use of its assets,'' said chairman Ian Lakin after yesterday's annual meeting.
''Developing the site to its full potential would allow us to relocate to new premises.
''But obviously we will need the full support of Historic
Scotland and the other relevant authorities.''
Lakin said that the decision to relocate was taken as part of attempts by the board to reverse the fortunes of the company, which last month announced pre-tax losses of #2.38m.
He defended a new share option scheme that stands to award three-and-a-half million shares, equivalent to 15% of the company's equity, to himself and two other directors, who replaced the former management team earlier this year. This was approved by shareholders.
''The main objective is to get the company back on the right footing after six years of losses. That clearly requires radical measures,'' Lakin said.
There have been fears for the future of jobs at the Aberdeen plant - which employs some 450 people - ever since Lakin took the helm following a rebel shareholder's takeover in January.
But local MP Frank Doran, who sought assurances on jobs immediately after the takeover, has said he believes the new board can weather the difficulties the company has
experienced.
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