Sirdar Spinning, a hand knitting yarn specialist, has been bought by its management for £3 million. Managing director Russell Morris and finance director Ian Stead acquired Sirdar Spinning from stock market-listed Sirdar.

Sirdar Spinning, a hand knitting yarn specialist, has been bought by its management for £3 million. Managing director Russell Morris and finance director Ian Stead acquired Sirdar Spinning from stock market-listed Sirdar.

Sirdar received £2.5 million on completion and the consideration will be satisfied once the divested division reaches agreed financial targets over the next two years.

The deal was backed by Royal Bank of Scotland’s Invoice Finance team, which was led by associate director Mark Heyes. “We’re delighted to have helped Russell and Ian take control of the business. Not only do they have considerable experience in the industry, but great ambitions for the future,” Heyes said.

Eversheds LLP acted as legal adviser to the vendor.