Last week, Christchurch-based Wool Equities Ltd, as part of a consortium of New Zealand businesses, completed the purchase of the plant of QualitYarns Ltd in Milton, saving the mill from closing for a second time. The mill closed in 1999, with the loss of 54 jobs.
The new company's board held its first meeting at Milton yesterday, naming Taihape man Gordon Riach as chairman.
Mr Riach said the group firmly believed the mill was needed for New Zealand's textile industry.
"There's a huge demand for New Zealand-made products. There is a growth potential in New Zealand right now and we want to keep going forward."
He said the board members believed they could get the mill operating soon, despite having to "start from scratch", as the mill was shut down after the former QualitYarns-owned mill fulfilled its final customer orders.
In the next two weeks, the new company would focus on organising staff and commissioning machinery.
"Initially we will be operating with a small number of staff, which will increase later."
The Bruce Woollen Mill was established in 1897, to scour, card and spin and weave wool into yarn, blankets, rugs and clothing fabric. Bought by Alliance Textiles in 1962, the mill closed 37 years later in 1999, before it was bought by QualitYarns Ltd.
QualitYarns issued redundancy notices to its 28 staff in November last year, re-employing 16 temporarily, to meet customer orders.
Since issuing redundancy notices, QualitYarns director Mike Barra had worked to find businesses and individuals in the textile industry to buy the mill, as separate production lines or together as a working mill.
In December, Ashford Handicrafts Ltd bought a production line, hiring four QualitYarns staff. In February, Wool Equities Ltd, with the consortium, began working towards buying the mill.
Board member Marnie Kelly, of Alexandra, said the mill was unique in the country, in its ability to spin fine two-ply woollen yarn which was used in fine garments.
"The mill is also the only one that can spin superfine merino. It makes products that have a point of difference."
Three of the 14 businesses involved in the consortium are represented on the Bruce Woollen Mill company board.
Wool Equities Ltd chairman Cliff Heath said the yarn produced by the Milton mill was a "cornerstone" to the whole textile industry.
"It's one of the reasons why Wool Equities invested in [the] mill: many businesses depend on these products," Mr Heath said.
Wool Equities Ltd owns a 67% stake in the company.
"Customers and suppliers are now the owners of the mill. We're committed and we're not just here as investors."
