More than 40 jobs have been lost as a 120-year-old textiles factory goes into liquidation.

Balmoral Knitwear in East Ayrshire has announced that it has called an end to the manufacturing side of its business.

The historic Galston-based factory, which employed 43 people, supplied school uniforms and work wear since it first opened in 1895.

Liquidators RSM have announced that all employees have been made redundant with immediate effect and say the closure is down to "increased competition" bringing the need for businesses to seek the lowest possible price for goods.

A statement from RSM said: "It is with profound regret that employees of this historic business have been made redundant with immediate effect.

"The need for organisations to reduce costs and seek the lowest possible price for goods, often from overseas, has led to another blow for the Scottish knitwear industry.

"The Balmoral name is well known in the sector and we would ask any parties with an interest in acquiring the business to get in touch with us as soon as possible."

RSM added the company could not continue due to "increased competition" from low cost garments from offshore, the rising costs of materials and devaluation of the pound.

Its sister business Balmoral Mill will continue to operate its shop and cafe, employing around eight people.