ONE of Britain's richest men has bought a large stake in the parent firm of a Burnley company.

Julian Richer, who has made a multi-million pound fortune from his chain of hi-fi shops, has bought a 9.5 per cent stake in French Group, which owns East Lancashire pillow manufacturer Northern Textiles.

Northern Textiles was founded by Bill Gleave in Burnley ten years ago before he later sold the firm to Manchester based textile group French and became a director of the group. He was recently appointed chief executive at the firm, making him the youngest boss of a stock market listed company.

The firm's share price has fallen in recent months and now stands at 24.5p, close to its lowest price ever. Mr Richer has spent more than £330,000 buying 1.35 million shares in the group which manufactures household textiles, curtain products and bedding.

"I bought into French because I saw a lot of value in the share price," said Mr Richer who set up the Richer Sounds chain - the country's biggest hi-fi retailer - and now has substantial stakes in 20 businesses.

"French has some excellent niche products and its assets have been under-utilised. I believe the company will prosper under Bill Gleave and his team."

Mr Richer launched his own business career when he bought his first shop aged 19. As well as having other interests in businesses involved in leisure and publishing he has also written a best selling book on his success. The latest Sunday Times Rich List estimates his personal fortune at £35 million. "I am delighted a businessman with Julian's track record for spotting a winner has had the confidence to invest in our textiles business," said Mr Gleave, 32.

Mr Gleave's appointment last year to head up French made him one of only a handful of major company chief executives aged under 40.

After leaving school at 16 in his native Sale, Cheshire, Bill had spells as a YTS car salesman at an Austin Rover dealership and as a sports shop assistant in the town.

He later came to East Lancashire to work as a salesman for the former Coloroll group in Nelson.

After spells working in other parts of the country he returned to East Lancashire in his mid-twenties to launch Northern Textiles with a partner.

The firm began in a rented unit off Todmorden Road, Burnley, and within three years it hit the £3 million turnover mark.

It now employs more than 200 people manufacturing pillows and quilts and other products.

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