Yorkshire entrepreneur Stephen Fearnley has taken a minority stake in doormat and textiles distributor Primeur.

Yorkshire entrepreneur Stephen Fearnley has taken a minority stake in doormat and textiles distributor Primeur.

The Bingley-based distributor, which employs 65 staff, has secured £3.1 million in cash investment from Fearnley, existing directors and other investors.

Primeur joint owners and managing directors Barry Minal and James Keighley have sold part of their stake in the business to Fearnley in the deal. The amount has not been disclosed.

Fearnley, who will become chairman of Primeur, co-founded the Poundstretcher chain in 1981 with business partner Paul Appell. The pair later acquired United News Shops and turned around the ailing convenience store chain before selling to WHSmith in 2008.

Fearnley commented: ‘Primeur has the opportunity to take advantage of its strong customer base, buying power and distribution advantages in order to grow, and that is exactly what we plan to do over the coming years.’