Silsden textile firm Herbert Green has been bought out by its own management team for an undisclosed sum after its former American owners pulled out of the trade.

Bosses at the firm, which serves the hotel, club and cruise ship sector, bought the company from owners Lifestyle Furnishings International.

The new senior management team at Herbert Green, which employs 20 staff, is finance director Philip Handforth, operations director Colin Pollard and sales and marketing director David Allen.

The firm, which has been in Silsden for 50 years and has a turnover of £2 million, will now look to develop markets in the hospitality and leisure industry.

Director David Allen said: "This investment will enable us to safeguard the future of our employees and use technology to develop our marketing strategy.

"We are confident that we can create new products with particular appeal to the hotel, club and cruise ship sector."

The financial package for the buyout was put together by Leeds firm Euro Sales Finance. The deal was managed by Kerry Grealy, of McInnes Corporate Finance, also of Leeds, who were advised by Bradford lawyer Susan Clark, of Last Cawthra Feather.

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

"The American parent company pulled out of textiles 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," he added.

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