The Directors of Leamington-based machine tool specialist, Mills Manufacturing Technology, have successfully completed the management buy-out of the company which was first established in 1998.

The Directors of Leamington-based machine tool specialist, Mills Manufacturing Technology , have successfully completed the management buy-out of the company which was first established in 1998. Under the new arrangement which secures 100% of the equity, Mike Jenkins becomes the Chairman, whilst retaining his position as Managing Director. He is joined by fellow Directors and shareholders - Andrew Jack, Nick Frampton and Nav Ahluwalia - who, collectively, form the senior management team and are responsible for the future strategic direction of the company.

Funding to facilitate the exit of Close Investment has been provided by Barclays Leveraged Finance, supported by significant personal investment from the Directors.

Dave Davies, manager within Barclays, commented: 'We are delighted to have been able to support the management team in taking this significant step in the development of their business.

We look forward to working with the new owners as they continue to cement their market-leading position in the UK machine tools market.' Says Mike Jenkins: 'This is fantastic news for our staff and for our customers.

Our business is looking good for the future.

We have the funding, the resources and the people in place - and our sales performance, once again, is well ahead of the market.

Whilst it's certainly a case of 'business as usual' for customers and staff - we have exciting plans to grow the company in the future and are confident about our success.' The deal, finalised October 13th 2006, sees Close Investment - the Venture Capitalist who originally provided the finance for the management team to acquire the business - end its relationship with the company after 8 highly-successful years.

Mills Manufacturing Technology is the fastest-growing machine tool company in the UK.

The company has enjoyed consistent growth over a sustained period of time - and in the last 3 years has seen its sales rocket by more than 40%.

Sales turnover for 2006 is well on the way to exceeding GBP28m - the best results ever in the company's history.