TEN potential buyers have stepped forward for a textile firm in receivership.

Receivers were appointed at Hoyle Butterworth in Waterfoot two weeks ago and the business advertised for sale as a going concern.

The 60-strong workforce is still being kept on and is currently on its annual two-week holiday.

A closing date for bids has been set for August 7.

The firm, established in 1874, manufactures flannelette sheets sold mainly to export markets.

The receivership was blamed on a combination of changes to pensions legislation which meant the company was potentially liable to pay £1 million and the effects of the strong pound.

"The demand for the firm's product is still great and the company will continue to trade while a buyer is sought for the business," said joint administrative receiver David Swaden of BDO Stoy Hayward.

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