A DROITWICH company has said "au revoir" to its French owners after a successful management buyout.

A team from Deritend Precision Castings Ltd, on the Berry Hill Industrial Estate, completed the buyout from GTIE.

Management was backed by the Birmingham office of Lloyds TSB Development Capital, and debt facilities were provided by Barclays Acquisition Finance Midlands.

The buyout was headed by the new group managing director, Richard Hale, along with co-directors Gordon Bridges and Ian Davis.

Their non-executive chairman is Roy Kishor, who has experience in the industry.

Deritend specialises in maintenance and engineering services to all types of industry.

The group incorporates three niche businesses, specialising in high voltage coil manufacturing, induction heating and aviation windings.

It also makes superalloy blades, vanes and structural components used by the big power generators.

Deritend has a diverse customer base of blue chip clients, in a number of market sectors, such as automotive, water, metals and food.

"The opportunities of the buyout will allow us the freedom to pursue a strategy that will focus on a more proactive approach in developing closer relationships with our customers," said Mr Hale.

"Using modern maintenance techniques together with our extensive facilities and expertise we will broaden our offering to the client, ensuring that all their maintenance needs can be satisfied."

Lloyds TSB Development Capital (LDC) said that Deritend was a first-class business positioned at the heart of UK manufacturing.

"We're pleased to be supporting this high-quality management team who have significant industry experience and a focussed growth strategy," said Paul Johnson of LDC.

One growth stimulate is the Climate Change Levy, which is being introduced next month.

The new legislation is forecast to cost UK manufacturers £1bn in the next 12 months.

Improvements in machine efficiencies aligned to planned maintenance programmes will assist companies in reducing both costs and manufacturing downtime.