Redditch-based Able Tooling Ltd (www.abletooling.co.uk), a designer and manufacturer of precision tooling, has undergone a management buy-out with the support of Close Brothers Asset Finance.

Managing director Scott Lewthwaite and production director Carl Brazil have taken over the reigns from retiring founder Nigel Rhodes, who established the business in 1989 (www.closebrothers.com).

Mr Lewthwaite said: “We are delighted to have the opportunity to take this established and well-respected tool-making
business to the next level with the help of our partners, including Close Brothers Asset Finance.

“We have a team of skilled and dedicated tool-makers and some excellent machinery to take advantage of in our quest to double the company’s turnover.”

Simon Parker, regional manager for the manufacturing division of Close Brothers Asset Finance, said: “Able Tooling designs and manufactures precision tooling for a variety of industry sectors, including automotive, medical, food and aerospace.

“The company has been trading for nearly 30 years and is a very well-run business with a range of high-value machine tools.

“This allowed us to offer a refinance deal using the equity in the machinery to part-fund the acquisition of the business.”