Administrative receivers for Perseverance Mills, a manufacturer of specialist lightweight fabrics for the parachute, leisure and outdoor sports industries, are seeking buyers for the company.

Philip Long and Ian Schofield of PKF accountants and business advisers have been appointed administrative receivers for Perseverance Mills , a world leading manufacturer of specialist lightweight fabrics for the parachute, leisure and outdoor sports industries. 70% of Perseverance Mills' business comes from exporting goods and the company has found it increasingly difficult to deal with fierce price competition from abroad. The Company, based in Burnley and Padiham, UK, has 205 employees and had an average annual turnover of GBP 15million.

Philip Long said: 'As administrative receivers we are looking to trade the business as a going concern.

The directors were trying to sell the business and have been in talks with a number of interested parties.

'PKF has been very successful in achieving going concern sales and we hope to do the same for Perseverance Mills who, after many profitable years, has faced an increasingly tough marketplace.' Perseverance Mills was founded in 1901 and has become a world leader in its field.

Perseverance Mill developed a unique outdoor fabric called Pertex, which is 50% lighter and packs 50% smaller than the others available.

Mountaineers and climbers around the world benefit from this fabric used in clothing and equipment such as sleeping bags and jackets.