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Family owned legendary lace manufacturer Noyon placed in liquidation

Family owned legendary lace manufacturer Noyon placed in liquidation

Noyon Group, known for their extraordinary prowess in lace making have been the true institution of lace since 1919. They are known the world over for being the number one producer of Calais lace, but recently they have once again come under the spotlight. The Noyon lace manufacturer, based in Calais, was placed in liquidation on Thursday, January 12th by the Commercial Court of Boulogne-sur-Mer (Pas-de- Calais ).

An offer of takeover was presented by the director of Noyon, it was learned from sources. This offer "provides for the acquisition of all assets (machines, collections, stocks, interests) and the resumption of all employees by a new company" , SDCN (Society of calaisiennes lace Noyon), mentioned Noyon in a press release, that they released on behalf of the company, which at present has 170 employees.

The capital of Noyon will be divided between the "managers and employees wishing to participate up to 10%" , "four large commercial and industrial partners to 80%" and "PBO, the current parent company of Lucien Noyon, up 10% " , added the company. "Industrial and commercial partners are the groups Van de Velde, La Perla, Etam, and MAS Holdings, which each take 20% of the new company" , mentioned the spokesperson for Noyon in the material released to the press.

Henri-Philippe Durlet, CEO of Noyon, will rightly under most probable situations remain the president of the new company. The commercial court will make its final decision on February 9 to delve out all the final decisions pertaining to the liquidation.

A sector in difficulty

The turnover of the company, which works for lingerie, haute couture and ready-to-wear , was €13.5 million in 2016, €15.5 million in 2015, against €18.3 million in 2014. The management expects a further decrease of around 10% in 2016.

On September 8, the company was placed in receivership by the Commercial Court of Boulogne-sur-Mer, with an observation period of six months owing to the company filing for French equivalent of Chapter 11 bankruptcy protection. In October, "70 company employees were dismissed" , as mentioned, Olivier Noyon, president of the family company, Noyon.

In its history , the lace maker had already experienced delays. In 2008, the company had already been placed in receivership after several social plans. The Commercial Court of Boulogne-sur-Mer in 2010 had accepted the "continuation plan" activity of lace.

Now with Noyon's decision to team up  with some of its major lingerie clients to put forward a takeover offer that includes the acquisition of all its equipment and stock as well as the continued employment of 170 associates under a new company, Noyon Dentelle, there certainly seems a lot of hope and we can only expect that February 9th works in favour of the lace legend.
 

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