A TAKEOVER at Morgan Motor Company in Malvern will create new jobs, says the chief executive officer.

Morgan is now majority owned by InvestIndustrial and is the latest automotive investment made by the Italian firm, which has also bought into big names such as Aston Martin and Ducati.

A spokesman for InvestIndustrial said its stake in Morgan would be held by a separate fund from the one which invested in Aston Martin.

The arrangement means the Morgan family, which has owned the business for over 100 years, no longer has majority control over the company but will still retain a minority stake.

As part of the deal, the company’s management team and employees will also have a share in the business.

Steve Morris, CEO of Morgan, said the takeover by InvestIndustrial was "hugely positive" for Malvern and Worcestershire.

“We are delighted to be able to share this news with Morgan staff and the local community," said Mr Morris.

“The news that Morgan has secured significant investment is hugely positive for Malvern and the wider Worcestershire area.

“This year we celebrate the 110th year of the Morgan Motor Company, and following two of our most successful years of trading, are excited to continue to grow.

“This latest news allows us to secure jobs, create new jobs, develop even more exciting vehicles, upgrade our Malvern facilities and bring in more visitors to the local area than ever before.”

Andrea C Bonomi, InvestIndustrial’s chairman of the industrial advisory board, said the company was attracted by Morgan's "significant potential".

"We have followed the company and seen its progress for some time and see significant potential for Morgan to develop internationally whilst retaining its hand-built heritage, which is at the heart of the Morgan Motor Company."

Mr Bonomi added: “We share with the Morgan family the belief that British engineering and brands are unique and have an important place in the world.”

Morgan Motor Company currently employs over 170 people, mainly from the Malvern area, and was first established in 1910 by Henry Frederick Stanley Morgan.

Many staff at Morgan have worked there for decades.

Mr Morris first started in 1983 as a sheet metal apprentice before rising through the ranks.

Speaking to this newspaper in January, he said: "I know it is a cliché but we really are a family here."