Oldham component business Hills Panel Products has been acquired by two of the company's directors.
Brothers Stephen Hill, md, and Martin Hill, operations director, have bought out a share in the business previously held by their sister, Deborah Martin, and father Malcolm, for a seven-figure sum.

The company, founded in 1991, has more than 135,000sq ft of floor space on two sites, at Scottfield Road, Oldham, and Sheffield. It specialises in three areas of furniture components: board, doors and fittings, and employs around 125 staff.

Accountants from Pierce, the Blackburn-based accountancy and business advisory group, advised the brothers on the deal. Funding was provided by Handelsbanken, Manchester.

Pierce director Mark Maden-Wilkinson said: "Hills Panel Products has been very successful over the last 17 years, and is now one of the market leaders in its sector. This deal is a real milestone in the history of the company for Stephen and Martin."

Hills Panel Products works with a number of board and component suppliers, including Kronospan, Egger and Blum.
Stephen Hill, managing director, said: "This move has allowed Deborah and Malcolm to realise their investment in the company, and will give myself and Martin fresh impetus to take the business forward.

"Since 1991 Hills Panels Products has grown significantly, and I am delighted that myself and Martin will be able to continue this growth into the future and push the business forward even more."