The duo, backed by Bank of Scotland, purchased the die-cutting machinery manufacturer for an undisclosed sum from Vernon Shimwell, who retains an equity stake in the firm.

"We're going to build on a great company and take it to the next level," said Waterhouse, who will be group sales director.

 "We're going to invest in the right direction."

The firm is planning to expand its global markets. "Our sales approach won't be to reinvent the wheel but to develop a much more proactive nature to the business," said Waterhouse.

Crosland will continue to act as agent for the Young Shin range of die-cutters.