TWO prominent businessmen are bringing hope to the town of Lisnaskea with their purchase of the former Coats Viyella factory at a cost in excess of £1million.

Hundreds of jobs were lost when the cotton factory closed down last year. Now Mr. John McElwaine, electrical retailer and Mr. David Mahon, property developer, have purchased the freehold to the propery from Coats Viyella.

Through their company Manderwood Ltd. they intend to plough a further possible £1million into the factory to develop it and lease out to industry.

Their vision is to divide the 176,000 sq ft into units.

They are particularly interested in attracting one or two major players in industry to use the space for their businesses. And crucially bring jobs to the town.

“We are looking for one or two of the bigger industrial players who will create jobs in the area in place of those lost,” said Mr. McElwaine, who is also President of Lisnaskea Chamber of Commerce.

They point to a shortage of industrial space in the town - currently the Enterprise Centre on the outskirts of Lisnaskea is fully occupied.

“We saw that there is potential here,” explained Mr. Mahon.

It is the intention of the business partners to see new industry located in the factory as soon as Easter next year.

Mr. McElwaine and Mr. Mahon were interested in the factory due to its location, close to a major road system.