A BOLTON-based finance firm helped the management team at an Eccles company complete a £1.5 million buy-out.

MDF Design Group Ltd and Carcass Design Ltd, which employ 100 people making bedroom and bathroom doors and units, have become The MDF Design Group Ltd.

The MBO was led by former sales director Bob Britt who invested a majority stake in the business.

Senior managers Neil Hulme and Chris Byford were also appointed to the board.

Cowgill Holloway Corporate Finance, based in Chorley New Road, Bolton, used its experience in the venture capital market to negotiate a mixture of equity and debt funding to support the transaction and to liaise with the previous proprietors, Chris Hoyle and Alan Gill.

Lloyds TSB Commercial provided more than £500,000 of term debt and there was further funding from HSBC's venture capital arm, HSBC Ventures (UK) Ltd.

The corporate finance division at Cowgill Holloway has grown rapidly in the past five years to become a key player in the North-west financial market.

Senior partner Peter Cowgill said: "We were delighted to apply our strategic vision and contact network to assist Bob in making this acquisition.

"We feel confident that he has formulated a management team to ensure a successful integration and financially secure future for the successful development of the business."

MDF, which was founded in 1991, is predominantly based in the North-west, but the company also supplies to companies in London and the Home Counties.

It currently manufactures more than 15,000 component parts every month.

Last year's turnover grew to £3.8 million from £2.7 million and a similar growth rate is expected in the future.