A HORWICH company plans major expansion after a take-over. Production Equipment Ltd - PEL - has been the subject of a management buy-in involving Muriel Downs, who has wide experience in manufacturing business. She holds non-executive directorships at Merseyside Development Corporation, Merseyside Special Investment Fund and the Cardio Thoracic NHS Trust in Liverpool.

She is also deputy chairman of governors at John Moores University in Liverpool.

The five-strong PEL management team also took part in the purchase of the company, remaining as director/shareholders.

Capital was provided by Barclays Ventures, whose legal advice came from the Manchester office of Dibb Lupton Alsop, with the Bank of Scotland Structured Finance North West team, advised by Addleshaw Booth, providing loan facilities.

Mr Mike Ransom, director of Barclays Ventures, said: "We saw this as an excellent opportunity to support a successful company which is poised to continue to expand in the UK and overseas."

Mrs Downs, the PEL managing director, said: "This is an interesting opportunity which appealed to me because they are a North-west based manufacturing company producing excellent products."

She said PEL had a £5.5 million turnover and a strong position in the market place, supplying a wide customer base which includes British Aerospace, JCB and BNFL.

She added: "They have already embarked on an exciting expansion plan and I feel my own skills and experiences together with the expertise of the existing management, make an excellent combination."

The buy-in was a first for the purchasers' advisers, the Liverpool-based corporate finance team of BDO Stoy Hayward, led by Partner Graham Norfolk and by Paula McGrath, following the launch of their MBI programme a few months ago.

Muriel Downs' legal advisers were Davies Wallis Foyster.

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