A NELSON firm has been sold to a competitor in a deal worth £360,000.

Portland Adhesive Products Ltd, based at Lomeshaye Bridge Mill, St Mary's Street, has been bought by a Manchester-based company.

Today the new bosses said the move will now mean a £35,000 revamp of the company's factory, and a recruitment drive for several' new staff.

Portland was bought by Adrian Hardy, owner of Manchester-based Sisa UK Ltd, a firm which also specialises in self-adhesives, and employs five people. The sale has also seen the Manchester firm relocate from its Middleton site to the former cotton mill in Nelson, where Portland Adhesive Products is based.

David Haworth, founder of Portland Adhesives, said: "Portland Adhesive Products is a successful company which over the years continued to grow as we moved into specialist areas. When we decided to sell, there were three or four companies that expressed an interest in us."

Mr Haworth founded the firm in 1989 with his wife, Joan, to supply self-adhesive products to the packaging and print industry.

Currently the firm employs just two people at the 10,000sq ft factory, and now has a turnover of £400,000 by trading with the pharmaceutical and label industry.

The firm was advised in the deal by John Green, a director at Pierce Chartered Accountants, Blackburn.

Mr Green said: "Portland Adhesive Products is a well-established and successful company, which made it easier to attract several potential buyers for the business.

"I am sure the business will continue to thrive under the new owners and I wish David and Joan every success in the future."