DANGER OF CRASH

Poverty Bay Herald, Volume LXII, Issue 18632, 16 February 1935, Page 5

DANGER OF CRASH

FAMOUS BRADFORD FIRM

WEEK TO FIND LARGE SUM WOOL INDUSTRY. SENSATION (Elec. Tel. Copyright—United Press Assn ) (Received Feb. 1(1, II .p.m.) LONDON, Feh. 15. Creditors of the famous, Bradford woollen firm of Francis Willey and Company,'of which Lord Barnby is a director, have received notice of a meeting to consider voluntary liquidation.

Creditors granted a year’s ‘‘standstill” agreement in 1932. This was subsequently prolonged for a year. An .advisory committee was formed, but the largest creditors decided that a further continuation of the agreement was not justified. It is understood that the position is due to the firm’s inability to meet out of liquid resources certain requirements respecting hank advances. It. is believed that the trade creditors are fully protected. The Evening Standard describes Francis Willey and Company as the biggest, wool merchanting firm in the world, owning 50 undertakings and employing 10,0/ persons outside England. They havo mills in Poland and the United States. There are 3000 employees in Bradford. Mr. C. H. Underwood, a director, told the Standard that the creditors include two local and some London banks, whose representatives will meet, on February 21, when the firm lias to find a large sum or make arrangements with certain creditors.

“We are hoping that, it will be all right, but cannot tell which way it will go. The trade creditors will not be affected.’ The business was founded in Bradford in 1836 by the present Lord Baruby’s grandfather, and the firm established a prosperous township at Southharre, United State.