OakNorth Bank supports West Yorkshire-based family-run business

OakNorth Bank, the UK bank for entrepreneurs, by entrepreneurs, has provided a £2.1M loan to Europa Wools, the West Yorkshire-based trader and processor of natural wool, to allow Richard Morsley to take 100 per cent control of Europa Wools, while allowing his sister to exit the business.

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.

The family-run firm supplies over one million kilograms of textile raw materials to the international wool trade every year, making it one of the industry’s leading wholesalers in the UK. Europa Wools is also a large scale processor of raw wool from its own commercial mill in Huddersfield, West Yorkshire, which sees it supply manufacturers from all over the world.

Richard Morsley, managing director of Europa Wools, said: “Since my parents founded Europa Wools over three decades ago, we’ve strived to build a business that knows everything there is to know about every kind of textile fibre available.

“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.”

Al Morris, director of debt finance at OakNorth Bank, added: “With the global wool market forecast to see substantial growth over the next four years, driven by technological advancements in spinning and weaving machines that allow for increased sales, Europa Wools is in a perfect position to capitalise on this opportunity.

“Helping fast-growing, family-run businesses like Europa Wools achieve their growth ambitions is what gets us out of bed in the morning, so we’re excited to be part of their growth story.”