Silsden textile firm Herbert Green has undergone a management buyout.

The jaquard weaving firm, which has been based in Silsden for 50 years, was family-owned until it was taken over by giant American textiles company Lifestyle Furnishings International in 1989. That company has now pulled out of Europe.

The buyout has now been completed, and the company, which has 22 employees, will be run by the senior management team of Philip Handforth, Colin Pollard and David Allen.

The deal was financed by Leeds-based invoice discounters and factoring house Euro Sales Finance plc and Davenham plc. It was managed by Kerry Grealy of McInnes Corporate Finance, and advised by Susan Clark at Last Cawthra Feather.

Herbert Greens, based at Waterloo Mills in Howden Road, is now looking to develop markets in the hospitality and leisure industry.

Director David Allen says: "This investment will enable us to safeguard the future of our employees, and use technology to develop our marketing and design strategy. We are confident that we can create new products with particular appeal to the hotel, club and cruise ship sector."

In the past Green's has specialised in woven decorative furnishing fabric for domestic upholstery, supplying both manufacturers and wholesalers. They will continue in that sector, but are keen to develop further into the contract market.

Mr Allen says: "We are taking on a new sales person for the contract market, and if it proves successful we hope to increase our capacity and further expand our workforce."

Euro Sales Finance director Tom Flannery says: "This deal is important for textiles in West Yorkshire.

"The American parent company pulled out of textile manufacture in Europe, providing an opportunity for local management to take over the operation.

"We are pleased to support the company as it seeks to grow its business in the contract and domestic furnishing markets."

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