A NATIONAL electrical franchise company has been bought out by its management.

Mr Electric, based in Bromsgrove, has announced that it has reached an agreement with MEB (Contracting) Ltd for the company to be acquired by its existing management team for an undisclosed six-figure sum.

The buy-out team worked closely with the Royal Bank of Scotland and was advised by Pinsent Curtis Biddle on the deal.

Clive Houlston, managing director of the new company, said the team was delighted with the opportunity the buy-out provided for the continued development of the business.

"For our franchisees, employees and customers alike, independence from MEB will allow us to focus on enhancing our position in the growing electrical contracting marketplace, both for businesses and domestic consumers."

The move has seen the majority of full-time employees take shares in the company and will result in the appointment of two new workers.

Paul Topham has been named company secretary and Jim Tranter will become the company's non-executive financial director.

Mr Electric was formed in 1991 and there are now 39 Mr Electric franchises operating across Britain.