Financed by GE Capital, the deal will secure all 221 jobs at the 13-acre Bath site, which specialises in paper bag manufacture.

Welton Bibby & Baron managing director Malcolm Ross headed the four-man MBO team, which also included sales and marketing director Nick Tomkins, operations director Jamie Goudie, and Bibby & Baron sales and marketing director Stuart Andrews.

Tomkins said the team is looking to expand and grow the business, including enlarging its workforce.

Welton Bibby & Baron had sales of 20.7m last year, and made a 900,000 operating profit.