A MULTI-MILLION pound deal has led to employees owning a big stake in one of East Lancashire's fastest growing firms.

More than 100 senior managers and long serving workers now own 19 per cent of Simon Jersey - and could enjoy handsome windfalls if the firm ever floats on the stock market or is sold.

A firm of venture capitalists has also bought a large share in the Altham firm which designs and manufactures uniforms for some of the world's biggest companies.

Although founder Simon Moyle, today stressed a stockmarket flotation was "not on the agenda," such a change in a company's structure is often seen as a step towards it becoming a public company or for a possible sale.

If that did happen employees could receive a windfall for their stake in the company depending on its success over the coming years.

Three 'sleeping' shareholders in the firm - members of the Moyle family - have sold their 40 per cent stake in the firm.

Leading venture capital firm 3i - which took stakes in both Clitheroe's Ultraframe and Blackburn-based Inter Link before their stock market flotations - has bought 19 per cent of the shares for an undisclosed sum.

And 100-plus senior managers and employees who have worked there for more than three years have been offered another 19 per cent of the shares.

The firm has also announced that experienced business manager Bernard Norman, is to become chairman of the firm. He currently heads a number of companies, including the parent firms of Thomson Directories, Wallace Arnold and Sock Shop.

Mr Moyle, who retains his 60 per cent majority stake in the business following the changes, will become president of the company. He said he welcomed the fact that managers and employees now owned a sizeable stake in the business.

"It gives an opportunity for those responsible for running the business to benefit from the future success of the company.

"The presence of 3i in the company is welcomed, because it offers a wealth of experience as well as considerable financial support to move the company forward to its next phase of development and growth."

Tim Simpson of 3i said the firm had a bright future. "It has an exceptional track record and great prospects. We are delighted to become shareholders and look forward to being involved in the future success." Simon Jersey was founded in 1971 by Mr Moyle, a former QEGS and Blackburn Technical College pupil. He had previously run a chain of women's clothing shops in East Lancashire called Tiger Lily and a knitting company.

He hit upon the idea of designing and manufacturing staff uniforms after noticing how waitresses in restaurants always wore the same combination of black skirt and white blouse.

He developed a range of more colourful and stylish outfits and launched Simon Jersey. Since then the firm has grown to employ more than 300 people and exports corporate clothing to more than 120 countries worldwide.

It has won a string of industry awards for its success and is ranked as one of Europe's fastest growing private firms.

Converted for the new archive on 14 July 2000. Some images and formatting may have been lost in the conversion.