Mon, 18 Oct 2010 | BUSINESS NEWS
A Bury-based textile company has been saved from administration after being acquired by entrepreneur Bill Collins, who has added it to his fabric weaving group.
The dyeing and finishing business Blacksheep Textiles - based on Bolton Road, Hawkshaw - went into administration in September this year.
Now, textile entrepreneur Collins has acquired the company in a 'strategic move' and added £1.6 million to his group's turnover in the process. He has also saved 20 jobs.
More than 80 per cent of Blacksheep's revenues come from Mr Collins' Clitheroe-based Thornber Home & Leisure business, the company he formed over the summer to enable a buyout of the £5 million-turnover fabric manufacturer James Thornber.
The business weaves fabrics for upholstery, curtains, blinds and other furnishings and operates in the domestic and contract markets.
Collins said, “This acquisition is an ideal strategic one for Thornber. We have had a close working relationship with Blacksheep Textiles for some time and the synergies will benefit our enlarged operation. It means Thornber can add a string to its bow by bringing the dyeing and finishing in-house,” he added.
Collins said he plans to splash out spend £1 million on upgrading Blacksheep's operations over the next 18 months. The Royal Bank of Scotland provided funding for the acquisition.
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