Bosses Buy Firm

Management at the Leeds engineering company Pickersgill-Kaye has bought out the group and plans to invest £1m over the next five years.

The Hunslet-based group, which has a turnover of £4.5m, employs 130 staff and makes locks and other parts for the railway industry. It comprises the holding company PK Group and two operating companies, Pickersgill-Kaye and Pickersgill Electroplating.

The owner, David Pickersgill, is retiring but will become a non-executive director.

Peter Murphy, chief executive, has been with the group since he left college 20 years ago. He said: "It is every manager's dream to have his own business. We are delighted to have this opportunity."

The majority of the funding has been provided by the vendors, but the buyout team borrowed money from the Bank of Scotland.