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A major British engineering company serving the defence sector has been bought by a buy-in management buy-out team.

The company, which was established in 1975 and today has a turnover of more than £10 million, was acquired by a team headed by Glyn Bottomley.

The financial terms of the deal have not been disclosed, but it was completed with the backing of Deferred Finance with debt provided by Royal Bank of Scotland.

The vendors were advised throughout the disposal process by Pace Equity, headed by director James Robertson.

Robertson said the sale was particularly complicated due to the difficulties faced conducting due diligence across several export markets. “This was a complex process that faced challenges from a range of potential purchasers, customers, financiers, bankers, legal specialists and overseas agents. The company has moved into good hands and has a bright and expansive future.”

Deferred Finance was supported by its long-standing legal adviser Stripes Solicitors. Director Steve Jarman said the firm was contacted to put in place the required policy and security documentation.

“Once again we were happy to show the adaptability of the deferred consideration insurance product and work with Deferred Finance to conclude another successful transaction,” he added.

The bimbo team was advised by Hurst Morrison Thomson, led by partner Andrew Thomson and manager Wesley Fell-Smith.

Bottomley said: “The close relationship developed between myself and HMT, along with the 24/7 support I got from Wes Fell-Smith, was undoubtedly a major factor in getting this acquisition through to completion.”

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