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The August issue of Insider includes coverage of…
OakNorth Bank has provided £2.1m funding to support the management buyout (MBO) of a West Yorkshire-based trader and processor of natural wool.
The funding has enabled Richard Morsley to take 100 per cent control of Europa Wools, while allowing his sister to exit the business.
Founded in 1988 by David and Lynn Morsley, Europa Wools' specialises in wool from New Zealand, Australia and Great Britain. It supplies more than one million kilograms of textile raw materials to the international wool trade every year.
The company is also a large-scale processor of raw wool from its own commercial mill in Huddersfield, from where it supplies manufacturers worldwide.
It supplies manufacturers both domestically and internationally, including spinners of weaving, knitting, upholstery and carpet yarns, as well as felt-makers, technical non-woven and home-ware manufacturers.
Richard Morsley, managing director at Europa Wools, said: "Since my parents founded Europa Wools over three decades ago, we've strived to build a business that knows everything there is to know about every kind of textile fibre available. This includes where to source materials at the most competitive price, anticipating customer demand, and ensuring we stock the required range of fibres to meet every order.
"This management buyout will allow for the managed exit of my sister, Gina, in addition to powering the scaling of Europa Wools moving forward, as we look to further strengthen our new retail offering.
"It was great to see the team at OakNorth Bank take their time to really get to know our business inside and out, before then completing the transaction in only a few weeks."
Al Morris, director of debt finance at OakNorth Bank, added: "The Morsley family are very well known within Huddersfield and across the wider West Yorkshire region, as a result of building such a successful business. Having been with the business since 2002, and part of the family that started it, Richard is clearly very dedicated to Europa Wools and has been central to its continued success and growth.
"With the global wool market forecast to see substantial growth over the next four years, driven by technological advancements in spinning and weaving machines that allow for increased sales, Europa Wools is in a perfect position to capitalise on this opportunity.
"Helping fast-growing, family-run businesses like Europa Wools achieve their growth ambitions is what gets us out of bed in the morning, so we're excited to be part of their growth story."
Stephen Farrell, Senior Digital Staff Writer T: 0844 980 0183 E: stephen.farrell@newsco.com
Andy Slim, Managing Director, North T: 0113 220 4411 E: andrew.slim@newsco.com
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