A NORTH-EAST engineering firm's future is secure after a £3m management buy-out.

Executives at West's Engineering Design, in Darlington, have bought the business from their parent company, Interserve plc.

Interserve put the company on the market in March last year after deciding that the engineering company no longer fitted with their core market. That prompted West's own management team, headed by managing director Allan Taylor, to seize the opportunity.

They put in a offer for the company in June after securing equity funding from Newcastle-based Northern Venture Managers (NVM).

The company, which was founded in 1971, also received debt finance from Fortis bank.

West's employs more than 150 people at its head office on the Faverdale industrial estate.

Mr Taylor said: "I am delighted that the management team had the opportunity of buying the company, which has grown substantially over the past five years.

"West's is a recognised major player in its chosen markets.

"We have an excellent management team supported by a highly skilled team of engineers and I am very optimistic about our future prospects."

West's has been part of Interserve since it was formed in 1971. The firm has always been part of a group until now.

The company provides engineering design and project management services to the nuclear, power, petro-chemical and pharmaceutical industries. It caters for businesses across the UK and managers are keen to stress that the company will continue to work as normal.

Mr Taylor said: "This is a good thing for the company but it is business as usual."

Colin Kidd, director of NVM, said: "We provided equity funding to enable the buy-out to take place.

"The company needed to pay the parent company for West's and also had to put a lot of money in to fund its future projects.

"We were very impressed with West's and wanted to do something with them. It is a super company and they have a super management team."