An East Lancashire accountancy firm has overseen the landmark acquisition of a Burnley textile company via a management buyout.

PM+M, which has offices in Blackburn, acted in the deal which saw long-established and family-owned Burnley firm Ashfield Mill Company Limited and its subsidiaries, John Spencer (Textiles) Limited and Ian Mankin Limited, be acquired.

The value of the deal has not been disclosed, but the buyout was led by Simon Blackley, who has been a director at the business since 2009.

Over the years Simon has worked closely with co-owners and directors David and Megan Collinge to grow the firm to where it is today.

The parent company and its subsidiaries will retain their respective identities and no jobs will be affected.

John Spencer Textiles was incorporated in 1971 but the business dates back 150 years.

It has grown to become one of the leading weaving businesses in the UK making a wide range of fabrics in a diverse selection of yarns and raw materials.

One of its most recent projects was the production of an 18-metre-long tapestry to mark the late Queen’s Platinum Jubilee.

The piece was called ‘The Lancashire Tapestry’ and was created by Jamie Holman – an artist born and based in Blackburn.

It was unveiled at a special ceremony at Blackburn Cathedral in June.

Ian Mankin Limited is a renowned weaver of designer furnishing fabrics. It was founded in 1983 and is famous for its new and stylish interpretations of natural and organic fabrics in a simple yet timeless palette of colours.

Commenting on the deal, Mr Blackley said: “David and Megan have built a strong group of companies; I am excited to build on their success.

"I am looking forward to the prospect of further developing the business through innovation and creative change.

“It promises to be an exciting and immensely rewarding journey for me, our staff, our suppliers and customers alike.”

Exiting co-owner, David Collinge, said: “Being the sixth generation of our family to run the business and being part of the team and journey that has witnessed the Ashfield Mill group of companies develop into superior, widely recognised brands has been fantastic.

“Without the dedication of a great workforce none of this would have been possible. The buyout represents the next chapter for some exciting developments, initiating even more growth.

"I have no doubt that under Simon’s leadership the businesses will continue to do amazing things.”

Jane Parry, managing partner and head of tax at PM+M, advised David and Megan Collinge on the key elements of the sale along with staff from Napthens, who advised on the legal aspects of the deal.

Ms Parry said: “The business is a real Lancashire success story, and we were delighted to lead on the financial aspects of the deal.

"Simon has been an integral part of the firm’s success over the past 13 years and has a clear plan for growth so I’m sure it will go from strength to strength under his stewardship.”