Fabric maker KM Harris Tweed Group will be advertised for sale over the next 10 days as its owner nears retirement with no successor to take over his business.

The Hebrides-based firm, which is the largest maker of the unique Harris Tweed fabric with a 95 per cent share of the market, employs around 200 islanders to hand-weave the wool at home. They spin, dye and finish the wool before returning it to mills where it is washed and marked and sent to buyers under the Harris Tweed signature.

Derick Murray, managing director of the KM Harris Tweed Group, told the Telegraph he had little choice but to sell the group. "It will be hard to part with it, but my kids are not following me into the business. This is the time to move on," he said.