A luxury knitwear company is set to relocate to the Isle of Man and create up to 50 new jobs.

The Albion Knitting Company, which was previously based in London, has now been incorporated into the Isle of Man as of December and has been renamed the ‘Albion Knitting Company IOM Ltd’.

The company is known for its luxury knitwear manufacturing, and has produced items for well-known luxury brands such as Givenchy, Chloe, Paul Smith, Studio Nicholson and Belstaff.

It is also the only industrial-scale knitwear factory that has been established in London since the Second World War.

A spokesperson from the company said: ‘Albion has been a trailblazer in bringing back knitwear production to the UK, the cradle of the industrial revolution and the birthplace of industrialised knitwear manufacturing.

‘This move to the Isle of Man marks a significant milestone for both Albion and the island’s diverse advanced engineering and manufacturing sector.’

The company’s decision to move to the island followed a ‘team trip’ to the 2023 Isle of Man TT races, which was swiftly followed by discussions with Business Isle of Man regarding the island’s business opportunities.

Chris Murphy, the director of the Albion Knitting Company, said: ‘It became clear that the island is an attractive location due to its pro-business inward investment policies, stable economy and welcoming HR environment.

‘We have been truly touched by the positive reaction of everyone we have met on the island and their help and enthusiasm to make our relocation a success.

‘Moreover, the Isle of Man provides the quality of life that both I and our employee’s desire.

‘We have been supported by Business Isle of Man and the Isle of Man Government throughout the last eighteen months to establish a robust transition plan in moving Albion to the island and ensuring its continued success.

‘We are already working with local partners to fit out the new factory and in the second half of the year we will be looking to recruit and train as many local staff as possible who have some experience in or aptitude for knitwear.

‘Our London operation will be repurposed to establish a knitwear training school which we hope will feed talent into our companies both in the Isle of Man and overseas.’

The Albion Knitting Company has already purchased property in the island; Barrule House in Ballasalla, located near Ronaldsway Airport.

The company plans to invest in and develop the site in the form of ‘regenerating ageing building stock in the south of the island’, subject to planning approval.

The Department for Enterprise has also offered grant assistance through its ‘Financial Assistance Scheme’ in order to support the company’s set up in the island.

Tim Johnston, the Minister for Enterprise, said: ‘We are delighted to welcome Albion to the Isle of Man. This is a true first for the island and will bring with it a wealth of knowledge and experience, as well as a new career path for the creative sector.

‘The Isle of Man’s economic strategy calls for diversification of the economy and the manufacturing sector has a long history of contributing to innovation, making us unique among competing jurisdictions.’