OakNorth Bank supports management buy-out of Huddersfield-based Europa Wools

The bank has provided a £2.1m loan to Europa Wools, the West Yorkshire-based trader and processor of natural wool, to allow Richard Morsley to take 100% control of the company, while allowing his sister Gina Novotny to exit the business.

Founded in 1988 by David and Lynn Morsley, Europa Wools has become a major player in the global textile industry, specialising in wool from New Zealand, Australia and Great Britain.

A spokesman said: “Europa Wools is a large scale processor of raw wool from its own commercial mill in Huddersfield, West Yorkshire, which sees it supply manufacturers from all over the world.

“It supplies manufacturers both domestically and internationally, including spinners of weaving, knitting, upholstery and carpet yarns, as well as felt-makers, technical non-woven and home-ware manufacturers.”

Richard Morsley, Managing Director of Europa Wools, said: “Since my parents founded Europa Wools over three decades ago, we’ve strived to build a business that knows everything there is to know about every kind of textile fibre available. This includes where to source materials at the most competitive price, anticipating customer demand, and ensuring we stock the required range of fibres to meet every order.

“This management buy-out will allow for the managed exit of my sister, Gina, in addition to powering the scaling of Europa Wools moving forward, as we look to further strengthen our new retail offering.”

Al Morris, Director of Debt Finance at OakNorth Bank, added: “The Morsley family are very well known within Huddersfield and across the wider West Yorkshire region, as a result of building such a successful business.”