£10m Sanderson rescue

SANDERSON, the upmarket wallpaper maker that went into receivership this month, is believed to have been taken over by Crowson, best known for its luxury Monkwell fabric brand.

Crowson, founded in 1978 by chief executive Derek Crowson, is expected to pay about £10 million for the company, whose archives include designs by William Morris, a founder of the Arts and Crafts movement. Other bidders were Walker Greenbank, owner of Harlequin wallpaper; CWV Holdings; and Vymura.

Sanderson was bought by management from Dutch equity firm Gamma in 1998. It has held the Queen's Royal Warrant as supplier of wallpapers, paints and fabrics since 1955. The company attracted controversy when Lord Irvine spent £60,000 on wallpaper costing £300 a roll to decorate his state apartments.

Manufacturing plants in Blackburn and Bolton, Lancashire, have already been closed by the receivers with the loss of 120 jobs.