A HASLINGDEN-based firm which was in administration has been taken over by a former owner.

Peter Heaton has bought JH Birtwistle Limited, which his family has owned in the past, and is now hoping to build the business to its previous size.

Mr Heaton is the former managing director at the firm, which was also placed in administration earlier this year.

Speaking on the takeover, he said: “This acquisition provides us with the renewed motivation to drive the company forward, servicing existing clients whilst developing new business and opportunities from what is an excellent business platform.

“I am particularly pleased to have secured a significant number of jobs in what are challenging times.

“I must take this opportunity to thank the North West Development Agency for their support in helping fund the acquisition.”

The move ensures that the firm, which was founded in 1882, will be able to go on trading after it was placed into administration at the start of April.

Over 50 jobs were lost during the downsizing but now Mr Heaton is looking forward to growing his new business.

The new company will revert to the name Wm Lawrence Limited, which it was called when Mr Heaton’s family owned it.

A spokesperson from Wm Lawrence said: “With a history spanning more than 150 years in the industry, Wm Lawrence now has a real future as a key player in the weaving and yarn processing markets, by capitalizing on its successful past and combining that with the inherent strengths of the JH Birtwistle business.”