Sunset Lover founder Melanie Flintoft is leading the charge to save a 73-year-old Australian-owned knitting mill from liquidation.
Adelaide-based knitting mill Silver Fleece entered administration last month, with a general meeting on June 26 resolving that the company be wound up and that Daniel Lopresti and Simon Richard Miller be appointed as liquidators.
Despite a $2 million turnover, Silver Fleece is in liquidation due to personal indebtedness of the owners.
Flintoft is aiming to acquire the business through a selection of backers and investors, with the aim to raise around $1 million.
“We’re trying to find investors to come on board and bring it back," she said. "Being in Adelaide, the network’s not so broad here, so I am hoping to get a story out to people in the industry that care about local manufacturing.
“I know it’s on the mind of local government and federal government to be making Australian and, of course, supporting Australian farmers and Australian wool.
“It’s a beautiful mill with all Japanese knitting machines and supporting women in the industry.”
Silver Fleece makes all the Australian cricket team jumpers for the men’s and women’s teams. The business also manufactures corporate wear and school leavers jumpers, supplying to around 77 schools nationally.
Total capital of $1.7 million is required for acquisition, with the liquidators giving Flintoft until tomorrow end-of-day (Thursday, July 25) to make an offer.
Flintoft’s aim is to restore the business to a $4-5 million turnover status and then leveraging this to push globally.
“I’d like to raise about a million, because I’ve got to get it started again and I’ve got some great ideas,” Flintoft said. “I don’t feel like there’s an iconic Australian knitwear brand that Woolmark can hang their hat on and spruik. Like Ralph Lauren does for the USA. I feel like we need that in Australia.
“There’s nothing these machines can’t do. They’ve probably been using these machines at 5 per cent of their capability.”
The mill houses 20 staff, mostly knitting technicians. Flintoft said some of these are younger staff who are eager to learn.
“There were two younger girls that were in training from the older team that were handing over this incredible knowledge, and they want to see it keep going,” Flintoft said.
“I think if you had the right team, the right mindset leading this business, I could take it further… They’re selling to 77 schools. There’s 10,000 schools in Australia. Surely we can get a few more.
“And then there’s the corporates, like selling to Qantas, all of the people that spruik Australia and that need to be buying Australian manufactured products.”
Other key goals include maximising production capacity to 600-800 units weekly by leveraging existing resources, capturing rising demand for sustainable apparel, and adding new corporate clients such as the South Australian Police.