In 1979 Brian Exley attempted to revitalize the company in the face of competition from the Far East. He carried out significant building work on the site, and sought to re-establish Lumb's profile as a quality producer of worsted yarn by hosting an event on September 7th 1979 that celebrated Lumb's Golden Bale standard.

For the event, related textile industry managers and government dignitaries were present, including representatives from Allied Textiles, originally a consortium of local textile companies working together to further their industrial base in Huddersfield. At a special event held in an indoor marquee, long-serving workers were presented with inscribed watches. In the evening, a dinner presentation was held at the Majestic Hotel in Harrogate, to award that year's Golden Bale medal to sheep farmer Sperry Coventry.

A booklet was produced to record the event, some pages of which are reproduced below.

However, within months of the event, the writing was on the wall for Lumb's, which closed and finally left the site in 1982, transferring to Halifax.

ATC Dyers, a distinct company offshoot of Lumb's dye-house continued on the site, managed by Anthony Greenwood. The company was originally set up to provide dyeing services to the whole of Allied Textiles but had to find business outside the group. As demand for Lumb's products declined because of international competition and changing market demands, ATC Dyers grew successfully before transferring to Bulmer & Lumb's in Bradford. John Taylor at ATC Dyers describes a "mill-cooling" party held at the Folly Hall Mill site in 1987, when it finally closed for textile business.