The Challenge
Founded in 1988 by David and Lynn Morsley, Europa Wools’ expertise, which now spans more than 30 years, has seen the firm become a major player in the global textile industry, specialising in wool from New Zealand, Australia and Great Britain. With the global wool market projected to grow at a substantial compound annual growth rate of 4.8% from 2021-2026, driven by technological advancements in spinning and weaving machines that allow for increased sales, the family business needed a local lender to support its growth journey.
Opportunity & Outcomes
We were able to provide a £2.1M loan to Europa Wools, to support a management buy-out, that allowed Richard Morsley to take 100% control of Europa Wools, while also allowing his sister to exit the business. Richard Morsley, Managing Director of Europa Wools, said: “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. It was great to see the team at OakNorth Bank take their time to really get to know our business inside and out, before then completing the transaction in only a few weeks.”