Poultry processors Bronte Foods Ltd, of Cullingworth, has been bought by its management in a second-generation management buyout.

The deal, which was led by Peter Lane of the Leeds office of Lloyds TSB Development Capital, will see the venture capital firm invest £4.5 million in Bronte Foods.

Lloyds Bank is providing banking facilities including debt of £6.75 million.

This is the second management buy-out of the business, which was originally acquired by the management in 1984.

The buy-out results in former financial director David Shaw replacing Mike Audlin as managing director, Chris Whittington remaining as sales director and David Elliott stepping up to become production director.

A new financial director, Simon Knowles of Ernst & Young, will join the firm soon, and Robert Wivell will become non-executive chairman.

Bronte Foods is a fully integrated poultry company, processing 270,000 birds per week.

It has the capability to manufacture raw products from its Cullingworth plant, and a wide range of cooked products from its added value factory at Haworth.

The company employs 450 people and turned over £23 million in the last financial year.

Its products are supplied to major food manufacturers, wholesale and retail customers and sandwich makers.

New managing director David Shaw says: "The company is in an excellent position to grow, particularly in niche product areas which demand the flexibility and product quality that have been the cornerstone of the company's philosophy."

Peter Lane of Lloyds TSB Development Capital says: "This is an investment in an expanding market. Demand for chicken is growing as more and more people switch from red to white meat.

"Sales of convenience ready meals are forecast to continue growing, and Bronte is well placed to supply this market."

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