The move was backed by a seven-figure funding package from HSBC UK, after the Group's former co-owner, Dacoll Enterprises Ltd, sought to sell its 50%. The deal was part of HSBC UK’s £12 billion lending fund to support SMEs in the UK, with £500 million committed to businesses in the West Midlands.

Image: Daniel, Michael and Gareth Higgins at KMF’s Newcastle based fabrication facility

Following the news of the buyout, the £30m+ turnover Group confirmed ambitious growth targets as part of its 50-year anniversary in 2021. It will focus on continued technological investment and further market expansion with the company’s growing UK and Slovakian sheet metal manufacturing plants and UK-based precision engineering facility.

Gareth Higgins, managing director and co-owner of KMF Group, said: "We are delighted to have secured an MBO to keep the group in family ownership.

"We are now looking to drive forward with continued technological investment, which will see us scale-up our in-house capabilities, upgrade our production facilities and enter new markets — both in our UK and Slovakian engineering facilities."

Established in 1971 by Mick Higgins, KMF Group employs over 500 people in factories located in Newcastle-under-Lyme and Trencin, Slovakia. The business’s 240,000 sq ft modern sheet metal fabrication and metal engineering production facilities operate 24 hours, seven-days-a-week, serving a wide range of customers in a variety of sectors such as aerospace, food processing, electrical distribution, vending and telecoms.