The AWH Group Pension Scheme, the pension fund for employees of the UK textile company AW Hainsworth, has completed a £2.3m (€2.7m) bulk annuity transaction, insured through Aviva.

The deal was advised on by K3 Advisory along with H&C Consulting Actuaries.

Jamie Cole, deal management lead at Aviva DB Solutions, said: “We’ve worked closely with the advisers to deliver this transaction.

“Their focus on running an efficient process has helped secure this buyout, demonstrating the market is open for well-prepared small schemes.”

Adam Davis, managing director at K3 Advisory, added: “The buyout market for small schemes is growing exponentially and K3’s unique approach is now helping such schemes stand out to insurers, helping secure them deals that otherwise may not be available to them.”

The company, which is responsible for manufacturing ceremonial uniforms worn by the British Royal Family during state occasions and the military uniforms worn during the Charge of the Light Brigade, was established in 1783.