A Manchester investment firm Consilia acquired the stake from Saints Capital Chamonix, which has been a majority shareholder in the textile manufacturer since 2006 in Barnsley-based manufacturer Allied Textiles. According to Consilia chairman Peter Smith, Allied Textiles is a well-known and well-established manufacturer which plays a significant role in the local economy.

Allied Textile is made up of six companies specialising in different areas of synthetic fibre production. This gives each company the freedom to focus purely on what they do best as experts in their respective fields. And as a result, all six Allied Textiles companies are world-leaders in their own right.

Lloyds Bank's mid markets and commercial finance teams have supported Consilia Investments' acquisition of the majority stake for an undisclosed sum.

Lloyds Bank supported the transaction with a funding package comprising term loans, invoice discounting and asset-based finance.

The strong management team, ably led by Stewart McGuffie, has a great deal of vision and experience and they look forward to helping them realise their ambitions.

Allied chief executive Stewart McGuffie thanked Lloyds for its support over the past fours years.

Ashley Wild, from the bank's mid-market team, and Steven McGawn, from its commercial finance division, advised on the deal

Implementing an asset based lending facility is a popular choice for companies, especially those who operate in a manufacturing environment and they are delighted to continue their strong relationship with the management team at Allied as they continue to make a significant contribution to the regional economy.