A bold plan to rescue Silver Fleece has been launched, with new investors needed

Two fashion identities are looking to raise $1m from investors to save 70-year-old Silver Fleece, which produces woollen clothing including the Australian cricket team’s vests.

An Australian cricket jumper knitted by Silver Fleece Picture: Supplied

Silver Fleece, which manufactures woollen knits including the Australian cricket team’s vests, could yet be saved with Adelaide fashion identities Mel and Dean Flintoft looking to raise $1m to keep the company alive.

The pair, who currently run the Sunset Lover label and previously headed up Australian Fashion Labels, have already recruited former lord mayor and fashion entrepreneur Martin Haese to the cause, as an investor and future board member.

About $1m now needs to be raised by the end of Tuesday, July 30, with Ms Flintoft saying they were looking to bring on board two to three major investors to back the brand.

Hindmarsh-based Silver Fleece, which was established in 1951, was placed in administration in late June, with the difficult current economic climate and high costs associated with manufacturing the cause, Administrator Daniel Lopresti said at the time.

Dean and Melanie Flintoft Picture: Supplied

Ms Flintoft said the company had great existing technology and a highly skilled team of mostly female employees, but there was a lot of scope to improve on the marketing front.

“They haven’t had any marketing - ever,’’ she said,

“It’s a 73 year old brand, supporting Australian farmers with a mostly female workforce, there are these great underlying stories to tell, and they’re proudly manufacturing for the Australian men’s and women’s cricket teams.

“The opportunity to grow just with what it’s already doing is enormous.’’

Ms Flintoft said the company owned high-end Japanese machines, which were under-utilised at the moment.

“So the opportunity to go deeper and use other types of yarn is very, very exciting,’’ she said.

“They haven’t really had a salesperson or any marketing, and I’m excited to get in there and make sure everybody knows about it and question why corporates aren’t manufacturing with Silver Fleece.’’

Silver Fleece managing director Cathy Barton with a wool knitting machine Picture: Supplied

Mr Flintoft said the company was selling to 77 public and private schools at the moment, but with thousands of schools around the nation, as well as tens of thousands of sporting clubs, there was huge scope to expand that customer base.

They would also push to have the contract for the SA Police jumpers returned to the company, he said.

Australian Fashion Council chief executive Jaana Quaintance-James said an investment in Silver Fleece would represent a profound commitment to Australian manufacturing, the skilled female workforce, and the enduring legacy of Australia’s wool and textile industry.

“Supporting this heritage knitting mill not only fortifies the use of high-quality Australian wool yarn but also uplifts our local farmers, preserves the skills of our artisans, and can help reduce environmental impact,’’ she said.

“Silver Fleece is a testament to the excellence and resilience of Australian craftsmanship.”

Silver Fleece was founded in 1951 by Yugoslavian immigrant Tim Jovanovic, who came to Australia after being held as a prisoner of war in WWII.

With just a hand operated knitting machine set up in his shed, Mr Jovanovic would hand-deliver garments by bicycle to Adelaide’s large retail stores.

From there, the business moved to a property on the corner of Stepney and Magill Rds and, later, a warehouse in Tranmere, expanding to supply garments to some of the state’s biggest sporting teams.

It has been owned by managing director Cathy Barton since 2003.

A meeting of creditors on June 26 resolved to wind up the company however the Flintofts are hoping they can provide a better outcome for everyone involved through this proposal.