Troubled textile group Lamont Holdings has announced a £28 million financial restructuring and says it intends to improve its two remaining textiles businesses, BFF and Alexander Drew.

The group, which reported a loss of £12.7 million last year, also plans to delist from the London and Irish Stock Exchanges and transfer to Britain's Alternative Investment Market (AIM).

The restructuring will convert around £15.3 million of Lamont's debt burden into equity, leaving it with borrowings of £12.6 million.

The company, headed by a new management team under chief executive Bill Gleave, will focus on nonwovens producer BFF and woven fabric printer Alexander Drew.