One of Nelson's best-known manufacturers is set for a new chapter after Buoyant Upholstery was sold in a deal that creates the UK's largest sofa manufacturing group.

Founded in 1909 and employing more than 550 people at its Nelson base, Buoyant Upholstery has been acquired by Ashwood Designs Group following the sale by investment firm NVM Private Equity.

The deal marks the end of NVM's investment in the business and generated a 3.3-times return for its investors.

Buoyant is one of the UK's leading independent upholstered furniture manufacturers and has built a reputation for producing high-quality, design-led sofas, with the vast majority of its products manufactured in Britain. The company remains one of Nelson's largest employers and an important part of the area's manufacturing sector.

The transaction brings together Buoyant and Ashwood Designs Group to form what is being described as the UK's largest sofa manufacturing group, led by chief executive John Rennie.

The move is expected to provide continuity for the business, with the entire Buoyant executive team remaining in place to lead the company through its next phase of growth.

Chairman Joel Rosenblatt said: “NVM has been a highly supportive partner throughout our investment, helping us to invest in the business and continue building on Buoyant's proud manufacturing heritage.

“I want to thank the NVM team for their guidance and practical support, which has been unwavering throughout, and I leave the business in the very capable hands of Mike and the team as it looks forward to further growth.”

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Managing director Mike Aramayo added: “We've been on a fantastic journey and I couldn't have asked for more supportive backers every step of the way.

“I've enjoyed working with both Joel and the NVM team and I'm now excited to be taking Buoyant forward on the next part of our journey.”

Alex Wilson, investment director at NVM Private Equity, who led the transaction, said Buoyant represented the type of regional manufacturer NVM aims to support.

He said: “Buoyant is a great example of the type of business we are proud to support: a well-established company, with a highly-skilled workforce and an exceptional management team.”

The sale follows a period of continued investment in Buoyant, during which the Nelson manufacturer expanded its product range and strengthened relationships with both national retailers and independent furniture stockists.