Marchpole exile set for comeback

MARCHPOLE, the beleaguered textile firm, has put its financial woes behind it and is to welcome its former chief executive back to the board.

Michael Morris founded the firm which designs and distributes menswear for clients including Yves Saint Laurent. He will rejoin the board 'shortly' as an executive director.

Morris was ousted three years ago amid a legal dispute over claims that he spent company cash on himself. Deloitte & Touche was called in to broker a settlement over the row which had helped to push Marchpole shares down to an all-time low of 4p.

New chief executive Greg Tufnell says the troubles are now 'absolutely' behind the company and it is ready to expand internationally and to negotiate deals to sell more 'mid and upper market level brands'.

Marchpole has turned last year's first-half loss of £1m into pre-tax profits of £804,000 this time. Sales are up nearly £2m at £7.9m.