BURY-based Pennine Telecom, one of the region's premier telecoms suppliers, is under new management.

After growing the company from nothing into a multi-million pound business over the past 27 years, Ian Macpherson and Richard Evans have retired and sold the company for an undisclosed sum to sales director Andrew Roberts and two of his senior colleagues, Steve Ryan and Geoff King.

Andrew, who takes over managing director, said: "This is a fantastic opportunity for us and an exciting new era for Pennine. But as far as the day-to-day operations are concerned, it will be very much business as usual.

"Pennine has a loyal dedicated workforce and the company has been built on sound business principles, with strong leadership. Thanks to Ian and Richard, it is a respected, profitable business, which is the envy of our competitors and the pride of our suppliers."

One of the major priorities for Ian and Richard was the continuity of employment for the 85 staff at the Salford Street business.

Ian said: "We have prepared and planned for this for a considerable period. We felt it was best to hand it over to the people who had helped us nurture Pennine and who had the best interests of the company at heart. Richard and I still have a considerable investment in the business, which is testament to what we feel about the new management team."

Steve Ryan has been promoted to maintenance and hire director and Geoff King steps up from product group manager to the new combined role of sales and product director.

Andrew, who has been with the company for 26 years, is also managing director of Pennine's sister company Interquartz (UK) Ltd, which was also part of the management buy-out (MBO).

Ian is to become a non-executive director and Richard will be retained in a consultancy role.

Paying tribute to Jean Corns, administration director, and Dave Broadbent, technical director, who are also stepping down, Ian said: "They have been with us since the start. Dave was our first technician and Jean the first admin person. They have made a huge contribution and they are now taking a well earned retirement."

The MBO team chose the expertise of Heap Bridge-based Thompson Jones Business Advisers & Chartered Accountants to act as financial advisers.

David Emery, senior partner, and Mark Jenkinson, director of corporate finance, led an expert team which structured the deal and negotiated funding with the Bank of Scotland.

Andrew said: "We are delighted by the successful outcome negotiated by the Thompson Jones team. The company will continue to advise us so we can continue to build on these solid foundations."

Philip Murrie, director of the Bolton Business Centre branch of the Bank of Scotland, said: "Pennine has an excellent track record and the bank was delighted to provide the financial backing for the management buy-out."

Business Link North Manchester also supported the venture with a grant towards professional costs.

David Hardy, business adviser, commented: "It was important to be able to help the management team buy the company to avoid a predatory approach which may well have meant jobs would have been lost to the town."

Roger Medlock and David Smith, partners at Haslingden-based Woodcock & Sons, advised the directors on the share acquisition and property and employment issues.