Management to Buy Out Tasmanian Carpetmaker Tascot
Burnie, Tasmania, Australia, December 13, 2005--A management buyout of Tascot Templeton Carpets, East Devonport, means 175 workers will keep their jobs this Christmas, according to the Advocate.
The buyout, made possible with a $1.8 million state-assistance package, takes control from international carpet giant Ulster Carpets.
Tascot's general manager of finance Bill Harris said yesterday he was relieved the company's future was assured.
He said the team would "explore some initiatives we've identified ... which Ulster didn't see as important".
Mr Harris said the buyout would set the staff's minds at ease.
"Some people have been here a long time," he said.
Mr Harris said the buyout marked a new beginning.
"Selling carpets has never been an easy business, we've got a lot of work to do."
Braddon Labor MHR Brenton Best said the buyout was the most logical way of ensuring Tascot's future.
"The other option was total closure and all parties wanted to avoid that at all costs," he said.
"The good news (yesterday) will no doubt be a welcome early Christmas present for everyone involved."
The assistance package included a $1.6 million fully secured loan assessed at commercial rates, and over $218,000 in industry assistance grants.
Tascot, which has been operating in Devonport since 1961, was bought out by Ulster Carpets in January 2001.
