A GLOBAL provider of precision engineering equipment, based in East Lancashire, has been bought out by the management.

NR Automatics Engineering Ltd, in Colne, has been acquired for an undisclosed sum by a newly-established company called NRA Engin-eering Group Ltd.

It will now be owned by a management team consisting of managing director Martin Hardisty and operations director Mark Stinchon.

The buyout also included the acquisition of NRA Holdings Ltd and NR Group Ltd, which includes NR Hytech, a 50 per cent sub-sidiary based in India. NR Engineering was established in 1977 and boasts a 25,000sq ft facility in Skip-ton Road. It has a turnover of £6million and 86 staff.

It specialises in turned components for use in equipment including hydraulics, gearboxes and vaves, earthmoving equipment, the medical industry, aerospace and oilfield equipment. Exports represent a significant proportion of turnover.

Blackburn-based finance specialist Pierce advised on the buy-out, led by corporate finance director, David Sharpe.

Martin Hardisty said: “The business plan that has been created for the buy-out has identified a number of potential opportunities for us to explore in the near future. We will also be keen to make the most of developments in our Indian plant. Due to the complexity of the deal and considering the cross-border transactions with India, we were delighted to have had David’s team on board.

“The financial advice we have been given by Pierce has been vital.”

David Sharpe said: "It’s fantastic to see transactions like this taking place in the North West. We are delighted to have advised on this transaction and worked hard to ensure the right deal was structured for them and all other parties. The buy-out will enable the business to achieve its full potential.”

The deal, completed with former directors Michael and Kathleen Riley, was backed by RBS Invoice Finance and Lombards.

Legal advice was provided to the team by Davis Blank Furniss in Manchester, and Farleys in Blackburn for the vendors.