Textile firm continues to seek opportunities as chairman resigns
TEXTILE business the Leeds Group is continuing to seek investments to strengthen the firm, following the resignation of its chairman.
After the Bradford-based business’s AGM yesterday, Kathryn Davenport resigned as chairman and Jan Holmstrom, a director of the company, will take over.
In a statement on the business at the AGM, Davenport said: “After the four completed months of the current financial year I am pleased to say that the performance of our trading companies has been satisfactory, and is in line with our expectations. We continue to seek additional growth through the appointment of additional agents in certain European territories. At the same time, we anticipate completing in the second half of the year our projects to allow customers to buy online from both Hemmers in Germany and from ChinohTex in China.
“It remains the intention of the board to actively seek further opportunities to maximise the long-term value of the group by identifying appropriate investments that strengthen the group. We will primarily target related or complementary businesses but will also evaluate other value enhancing opportunities where appropriate.”
In its results announced earlier this year, pre-tax profit increased by 11.9% to £1.6m on revenue of £34.2m up from £31.1m, for the year ended May 31 2014.
Leeds Group’s trading operations are conducted by Germany-based Hemmers. Hemmers also has a Chinese subsidiary based in Shanghai. Together these companies employ some 135 people.
