£2.1m loan enables management buy-out at textiles business
Huddersfield-based Europa Wools has secured a £2.1m loan from OakNorth Bank to allow Richard Morsley to take 100% control of the company while allowing his sister to exit the business.
Founded in 1988 by David and Lynn Morsley, Europa Wools’ expertise has seen the firm become a major player in the global textile industry, specialising in wool from New Zealand, Australia and Great Britain.
It supplies over one million kilograms of textile raw materials to the international wool trade every year.
The business is also a large scale processor of raw wool from its own commercial mill in Huddersfield, which sees it supply manufacturers from all over the world.
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, 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 buy-out 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.”
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.”
