A MYSTERY bidder has made a £113million offer for parachutes-to-rubber-dinghy group Wardle Storeys which has more than 500 employees in East Lancashire.

The company, which has sites in Earby and Blackburn, said it had received a 441p-a-share takeover approach, although did not reveal the identity of the potential bidder.

Wardle Storeys announced the approach at the same time as it reported a dip in pre-tax profits.

Its technical products division, which makes laminates for products including fridge doors and plastic tablecloths and car textiles, was hit by intense competition from imports and the strength of the pound. The division includes the two East Lancashire factories.

Despite vigorous cost-cutting at the division, operating profit fell 31 per cent to £4.1million. Group pre-tax profits for the year to August 31 were £14.1 million, down from £15.8 million for the previous year.

Turnover dipped to £115.3 million, from £116.9 million.

But its inflatable systems division, which makes products like inflatable buildings and parachutes had made strong progress and had exceeded the group's expectations.

It is awaiting a decision from the US Department of Defense on a contract to replace some life-rafts for the US Navy.

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