A shop run by Kinross cashmere firm Todd and Duncan has announced it is to close.
Todd and Duncan dyes and spins cashmere and lambswool yarns for some well-known names in high fashion.
It also runs the Cashmere at Lochleven store, located in the factory’s footprint. The shop will close by the end of next month.
Todd and Duncan boss explains store closure
Managing director Bruce Cameron said: “We’re going through the same pain as a lot of companies at the moment.
“It was performing well pre-Covid but we haven’t got back up to where we were before.
“Unfortunately that is why we’ve come to this decision.”
Mr Cameron said three full-time employees impacted by the shop closure have all been offered roles elsewhere in the business.
He said two of three part-time workers have found alternative employment, while another is preparing to move away for university.
Mr Cameron said a consultation period with staff is ongoing.
Plans to invest in Kinross factory
Mr Cameron said despite the store closure, the Todd and Duncan factory has plans for growth.
He adds: “We’ve got ambitious plans for upgrades and increasing the capacity.
“I’ve been here a number of years and I’ve been through some dark and difficult times.
“We’ve come out of that and the business has performed well since we’ve come out of Covid and that looks like it’s going to continue.
“We’ve got a very supportive parent company who have a long-term vision. They have invested well, and the plan is that is just the start.”
Customers react to cashmere shop closing
Customers also expressed their disappointment at the impending closure.
Connie Weir said she was “so sorry” to hear the news.
She added: “The shop is beautiful and I’ve got many lovely items from purchases over the years. You’ll be missed in the community.”
Pamela Hunter added: “I love your shop just wish I’d lived closer to come in. Will miss you and your gorgeous cashmere.”
Marie Malcolm said: “So sorry about this could always get lovely cards gifts and cashmere staff were all so lovely good luck ladies.”
And Pauline Sharp said it was “sad news” for the staff affected, and for Kinross.
Cashmere firm boss warned of ‘challenges’
Todd and Duncan was badly affected during the pandemic. The company saw its sales drop 25% in 2020.
However it responded well and accounts for the year to December 2021 showed turnover of £23.9 million, and a pre-tax profit of £1.2m.
But then managing director Iain Cormack, who retired recently, last year warned of “significant challenges” ahead due to inflation and rising energy bill costs.
However, Mr Cameron – who replaced Mr Cormack as boss of the Kinross firm this month – said it has performed well.
Mr Cameron said: “We’re competing with Italian companies and they are benefiting from better energy rates than we are.
“Inflation there is not quite as high as in the UK, but while we seem to be a bit worse off in that way, we’re doing OK.
“We’re having a good year and the customer base we focus on is still performing well and continuing to talk growth in the future years.”
Conversation