Cashmere company Dawson International is to sell its Joseph Dawson fibres business amidst heightening financial problems.

William Holdsworth, a shareholder in and managing director of the Bradford-based clothing firm Purchaser is buying its assets for around £6.6 million. The company will be relocated to Yorkshire and renamed Joseph Dawson.

Joseph Dawson sources and processes cashmere fibre from sources in Asia and sells it to industrial yarn and weaving customers. Its major markets are Italy, the UK and Germany.