A DOOR manufacturer has been saved from receivership by a management buyout that will save 65 jobs.

Hartlepool company Industrial Building Components was rescued by four managers who will become company directors of the renamed Bridgman IBC Ltd (BIBC).

The announcement is welcome news for the workforce and the local supply chain.

BIBC makes commercial fire doors which are supplied to the construction trade and public sector.

Formed in 1982, the Stranton Works plant was bought by Brand Holdings Group in 2001.

Brand Holdings Group was placed into receivership two months ago, and took IBC with it, despite the company having a healthy order book.

At peak production, IBC had a turnover of more than £6m, but since being placed into receivership, many of its contractors were unable to place orders and output fell by 50 per cent.

The receivers were forced to make 17 staff redundant, while 65 remained.

Stockton accountants Tait Walker and law firm Tilly Bailey Irvine worked with receivers Ernst and Young LLP in Manchester.

The management team of Mick Butler, managing director, Tony Phillips, sales director, Peter Bowes, operations director and Neil Scott, purchasing director, funded the deal through private investment, and with help from the Royal Bank of Scotland.

Mick Butler, managing director of BIBC, said: "We are confident in refilling the order book quickly, and getting back up to full production within 6 months."