In 1873, Rylands converted his business into a limited company but he retained sole management of it. The extra capital from this move led to the purchase of more mills and the company entered into fresh business in many quarters of the globe. The firm, which had a capital of £2 million, became the largest textile manufacturing concern in the UK. His business made him Manchester's first multi-millionaire. He employed 15,000 people in his 17 mills and factories, which produced 35 long tons (39 short tons) of cloth a day.