Burnley family weaving companies John Spencer (Textiles) Ltd and Ian Mankin sold in a management buyout
Historic Burnley family weaving companies John Spencer (Textiles) Ltd and Ian Mankin have been sold in a management buyout.
The two businesses have been acquired through a management buyout by Simon Blackley, a current managing director who has been with the businesses since 2009, from sixth generation owners and majority shareholders, David and Megan Collinge.
John Spencer (Textiles) Ltd was incorporated in 1971 but has a rich history of weaving in Lancashire that dates back over 150 years. The company weaves finished products for a number of industries from home furnishings to filtration and components.
The Ian Mankin brand was acquired in 2010, when the then owner of the business, and its namesake, was ready to retire.
Already weaving with John Spencer, and a keen proponent of British manufacture, it made sense for Ian to sell the business to his weaving mill.
The sale has been the result of 12 months of planning and is supported by HSBC bank, PM+M accountants, Napthens and Taylors solicitors. The whole of the workforce has been retained and the business will continue to operate from their existing Burnley and London premises.
Both John Spencer Textiles and Ian Mankin will continue to be led by the existing senior management team and David Collinge will continue in his current role.
Mr Collinge said: “I took over the running of the business from my father when he retired in 1992 and have had wonderful support from a highly skilled and dedicated team without whom our success would not have been possible. The buyout represents the next chapter for some exciting developments and I have no doubt that under Simon’s leadership the businesses will continue to do amazing things.”
The newly formed Ashfield Mill Group headed by Simon Blackley is committed to building on the relationships created over the past 150 years with customers and suppliers and will continue to trade on the same terms as before.
Simon Blackley said: “I have inherited a fantastic business, with an impressive 150 year history. As the new owner I’m committed to ensuring that the legacy created by David, Megan and their family is not lost to faceless investment.
“This MBO will build on the success of six generations of weaving, the strong standing of both companies and their enviable position in weaving and fabric retail is testament to the dedication and commitment of David and Megan. With an incredibly talented team and a loyal customer base, I’m looking forward to steering both into the future.
“For me it is business as usual. The John Spencer side has some fantastic customers and, with David still very much in the business, I have no plans for huge change.
“My intention is to build on the strength of our weaving knowledge, continuing to encourage a new generation of weavers in Burnley, whilst also pushing the boundaries of skill and knowledge within the existing, capable team. In turn this will help to build relationships with existing customers and further strengthen the fantastic reputation this company holds.
“We are a small but ambitious team. We have built up a wonderful network of customers and distributors in the UK and internationally, but there is still more we can do. I intend to build on this tried and tested blueprint to extend our reach into new markets.”