The founders of Harrogate-based The Yorkshire Linen Company have sold the retailer to its senior management team.
Husband and wife Ross and Kirsteen Leventhal, who launched the business in 1993, have reduced their shareholding from 95 to 40 per cent.
The remaining shares are divided between the management team, which includes Neil Bowyer, Stephen Edmundson, Julia Wilson and Jeff Worrall, led by finance director Linda Shreeve.
The company, which specialise in home furnishings such as bedding, duvets and curtains, employs more than 300 people at 43 branches across the north of England – including Darley Mill Centre – and southern Spain.
Ross Leventhal said: “We are pleased to stay involved with the business as our exit will be phased over the next three years. There is a fantastic, loyal team here and, as a family business, we want to support them.
“The aim is to strengthen the existing business and then expand towards 100 stores over a five-year period.”
The deal was financed through company cash reserves and a short-term loan from the Leventhals. A new holding company, YLC Holdings, has been established.