WORLD-famous pram manufacturer Silver Cross at Guiseley has been saved by a group of investors.

They bought the firm this week in what is thought to be a multi-million pound deal.

The acquisition secures the jobs of 30 workers at the firm and gives hope to the 70 staff who were made redundant last month when the company went into administrative receivership with debts of more than £4 million.

The acquisition has been privately funded by the group - many of whom are friends - who come from a number of business backgrounds. The new directors were attracted to Silver Cross by its reputation for engineering quality and its world-wide fame.

The new management is moving swiftly to improve confidence among retailers and the hundreds of customers who have been ringing the factory to ensure that their orders can be met.

The group's spokesman, Graham Hazell, one of the new directors, said: "Silver Cross is unique in its reputation for quality and for the regard in which it is held worldwide.

"The company has declined in recent years with heavy losses. However, in the mid-term we will be re-investing in the craft skills which have been run down over the past few years."

He said the firm would be using the skills of inventor Bill Steadman who had brought a long line of inventions to market to develop a new range of innovative products.

A spokesman for the company said no local people were involved in the acquisition of the firm.

Converted for the new archive on 30 June 2000. Some images and formatting may have been lost in the conversion.