SIMON Jersey, one of East Lancashire's most successful growth businesses of the 1990s, has been bought out.

The giant German-based KarstadtQuelle company has taken control of the Altham-based corporate clothing specialist for an undisclosed sum.

The 250 employees at Simon Jersey have been assured their jobs are safe. For the senior management team there will be a big cash windfall with the sale of their shares in the firm.

Long-serving employees who have a small stake in the business are also expected to benefit from the take-over.

Directors and other company bosses took a 19 per cent stake in the business three years ago and have now been bought out by the new pan-European company's owners.

Managing director Mavis Gradwell, who joined the company in 1974 as a part-time secretary, will be one of the biggest winners, only weeks after announcing she was to retire in May at the age of 54.

A new managing director was appointed less than a month ago.

Simon Moyle, who founded the company above a shop in Accrington town centre 25 years ago, has sold his 60 per cent stake in the business.

KarstadtQuelle is Europe's largest department store and mail order chains with more than 110,000 employees world wide. It also has a 50 per cent stake in UK travel company Thomas Cook.

Simon Jersey will become part of the Nuremburg-based Mercatura Holdings division.

It already has four specialist corporate clothing companies which operate throughout Europe.

It will continue to trade under the Simon Jersey name, which is known throughout global markets.

After rapid growth over the past decade, sales at the company have fallen from more than £30million a year to £28million. Simon Moyle will remain a non-executive director, along with Mavis Gradwell. He started the business in 1977 after the collapse of his Tiger Lily chain of women's fashion stores.

He said he was looking forward to being part of the new group.

He added: "I am delighted to become a part of a pan-European organisation with the same philosophy and culture as ourselves.

"They are pioneers and market leaders with a commitment to design innovation, quality, value and customer service excellence.

"I look forward with excitement to working together to offer all our customers enhanced products and services and to building new markets."

Mercaturo general manager Angelo Nanni said there was tremendous potential for growth within European markets.

"The partnership is an ideal strategic mix allowing us to achieve a pole position in the UK.

"That is the second largest worker marketplace in Europe," he said.

"Our history is similar and, most importantly, we have the same beliefs and values that can only benefit our customers.

"Our combined experience and expertise in design, textiles and mail order provides the most comprehensive and innovative range of worker products in the world."

Simon Jersey was one of the pioneers of the corporate clothing market,

It sells to more than 120 countries to clients who include American Airlines, Hertz, Securicor and British Gas.