Member Article

Textile manufacturer from Wakefield secures £8.25 million bank deal

Wakefield yarn and textile manufacturer Sirdar is purchasing its premises as part of the business’s plans for a secure future as part of a £8.25 million deal with NatWest.

Located in Wakefield, Sirdar specialises in the distribution of quality yarns for hand knitting which are sold in an extensive network of independent retailers, specialist knitting and craft shops, and department stores in the UK and abroad.

Sirdar traces back to 1880 when the original company was established in Ossett. The business moved to its current site in Alverthorpe in 1890.

Over the years Sirdar has developed products to accommodate trends in fashion, and the business continues to innovate and diversify its product range.

Alongside the traditional hand knitting business, the company now has a rapidly growing technical textile manufacturing operation under the Tilsatec brand.

To safeguard the business’s future in the local area the directors at Sirdar took the decision to purchase the site at Flanshaw Lane.

Ian Stead, finance director at Sirdar, said: “There has been some uncertainty about our future on the current site as our present lease expires in three years’ time and we knew we wanted to stay in the local area.

“Many of our 134 staff walk to work or live within easy travelling distance of the site, and it was important for us to try and look after their future, preferably within the local community here in Alverthorpe.”

“As a business we continue to expand, particularly through our technical textile manufacturing operations, so having premises of our own will give us more flexibility for the future.”

In addition to Sirdar’s premises, the purchase includes other industrial units on the site occupied by other tenants. When the time came to fund the purchase, Ian turned to

NatWest relationship manager David Smithies supported David throuh the purchase of Sirdar’s premises and other industrial units on the site.

David said: “I was delighted to support Sirdar on the purchase of its premises. We have been working with Sirdar for many years and have developed a strong relationship which has allowed us to find solutions to support the company’s continued business development.

“I wish the business every success for the future.”

This was posted in Bdaily's Members' News section by Clare Burnett .