A Warwickshire industrial products distributor has undergone a management buyout with support from Barclays.

Leamington Spa-based Mills CNC is the exclusive distributor of Doosan machine tools into the UK and Ireland.

Over recent years, the company has invested heavily in its service support to the specialist engineering sector to provide services such as design, warranty, breakdown and contract servicing.

A new senior management team has been promoted from within the company to ensure continuity while the board has been increased to reflect greater management needs.

Outgoing directors have gifted a significant shareholding to an employee trust which will help to support the retention and attraction of new staff with a long-term incentive scheme linked to company performance.

Further investment in the company is planned, with new office space and extra staff to improve customer service, further grow its training academy and facilitate future growth.

New managing director Paul Hooper-Keeley said: "We see Barclays as one of our key business partners and are appreciative of the support that we receive from Gareth Farbon and his team.

"This has been, and will continue to be, vitally important for the evolution and growth of our business."

Barclays relationship director Gareth Farbon added: "This is an exciting new era for Mills CNC as they implement strategic plans for further sustainable growth.

"As a long-standing client, we value the relationship and look forward to working closely with the new management team to provide the expertise and support they need to fulfil their strategy."