Lowden Guitars facing potential job losses amid “downturn in the global guitar market”
Staff at Lowden – the world-renowned Irish guitar company which partnered with Ed Sheeran in 2019 on offshoot brand Sheeran By Lowden – are facing potential job losses amid a decline in demand, according to a report by The Belfast Telegraph.
The paper states that sources close to staff say they have been warned of potential job losses, though the company said in a statement that no decisions have been made, and alternatives to redundancy were being explored.
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Employees were also told in the statement that Lowden is welcoming “any suggestions, comments or proposals… with regard to improving the efficiency of the business or ways of avoiding redundancy”.
Per the Belfast Telegraph, managing director Aaron Lowden, son of founder George Lowden, has expressed his willingness to continue communication with staff, with those affected by job loss risk invited to individual meetings later this month.
“A downturn in the global guitar market and the end of the acoustic guitar boom that emerged during the time of Covid-19 have triggered Lowden to explore how to best navigate this challenging climate for the industry,” Aaron Lowden says.
“No decisions have been made and we are working closely in consultation with our full team to explore all feasible cost-cutting routes forward including alternatives to redundancies.
“For over 50 years Lowden Guitars have held a globally-renowned reputation for quality craftsmanship, uncompromising attention to detail and sound, and a commitment to retaining our operations here in Northern Ireland.
“Our reputation has been built in partnership with our tight-knit team of craftspeople and staff who bring their very best to our workshops each and every day, and we continue to navigate this process with them at the centre of our focus.”
According to The Telegraph, the company’s latest accounts – filed for the year ending 31 March, 2024 – do not detail profits and losses, but show that the company held £3.1 million worth of assets at the time – £2.3 million of which were stocks, £586,000 owed by debtors and £262,000 cash at bank and in hand.
The company also owed £3.8 million to creditors due within one year, with £137,000 due to creditors following that time.
It’s unclear yet which section of the business these potential job losses may impact, and whether Sheeran By Lowden is facing the same challenges.
Guitar.com has reached out to Lowden Guitars for comment.
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Source: www.guitar-bass.net
