A MAJOR Nelson employer has been sold in a management buy-out totalling more than £10million.

Buoyant Holdings, based at Oak Bank Mill, in Hallam Road, is one of the UK’s largest independent furniture manufacturers.

NVM Private Equity has invested £7m in the deal after the firm was put up for sale by East Midlands company Wade Upholstery.

Buoyant, which was set up in Nottinghamshire in 1909, moved to its Pendle headquarters in 1973, where it employs around 630 people.

The company makes sofas and chairs for a range of retailers and more than 95 per cent of its products are made from raw materials in Nelson.

NVM investment directors, Andy Leach and Mauro Biagioni worked on the deal, which has seen experienced executive Joel Rosenblatt appointed as Buoyant’s executive chair- man.

Mr Rosenblatt said: “I’m delighted to be working with two great businesses, with NVM on the financial side as well as an exceptional management team at Buoyant, both of whom are held in high regard within their industries.

“We have a lot of positive things we need to do and with NVM’s support the team certainly have the energy to deliver their plans.” Mr Leach said: “Buoyant is a major employer in Nelson and we look forward to working with the management team to grow the business.

“Buoyant is more than just a manufacturer – it has good design, service and innovation credentials.

“Mike Aramayo, managing director, and the team have worked together for more than 12 years and are highly respected in the UK market.

“The business has developed a strong reputation in its market place and has successfully evolved to meet consumer trends, resulting in a substantial increase in sales.

“We are delighted to be backing a century-old British manufacturing business with a strong track record and an ambitious management team.”