A LONG-established textiles company has consolidated its future by completing a £1million management buy-out.

Bleaching and dyeing works Ainsworth Finishing Company has been sold to its existing management team by Coats Viyella.

The move will effectively allow the business to preserve its 80-strong workforce and to develop new products.

The management buy-out team was financed by NMB Heller and the Co-operative Bank.

And they were advised by the corporate finance team of accountants Ford Campbell who raised more than £1 million to fund the acquisition.

The company, based at Ainsworth Mill, Bury New Road, Breightmet, was founded in 1825 and has been a business unit of Coats Viyella home furnishings division since the 1970s. The management buy-out team of managing director, David Griffiths (48) and finance director, Richard McKenna (53) commented: "We are delighted to have concluded the buy-out securing everyone's job and preserving a company which has been part of the Bolton business community for nearly 200 years.

"We are now looking forward to continuing to offer a high level of service to our customers and developing new products which will allow us to grow the business."

The company is one of the largest commission finishing operations in Europe, carrying out 23 million metres of bleaching per annum for applications including, clothing, bedware and home furnishings.

Corporate finance partner Chris Froggatt, who led the Ford Campbell team, said: "This deal presents an excellent opportunity for the business to build on the strong foundations already put in place by the management team.

"It is all too common these days to hear comments stating the UK textile industry is on its knees, but this deal demonstrates that good, well managed textile businesses can still prosper."