A MANAGEMENT buy-out has saved 160 jobs at the UK's largest vent and flue manufacturer.

Rite-Vent, in Washington, Tyne and Wear, was on the verge of being sold to a competitor who wanted to take production south until a deal was struck to keep work in the region.

Venture capitalists Granville Baird, which owned an 80 per cent share of the business, was faced with selling to a firm which planned to move work to Barnstaple before the MBO deal was struck.

As well as saving 160 jobs directly, a number of sub-contractors in the area will also keep important contracts.

The local management team, lead by managing director Quentin Spratt, seized the chance to bid for its purchase and subsequent survival in Sunderland, but with another buyer already lined up, time was limited.

Sunderland City Council and Tyne and Wear Development Company helped set up a rescue package.

Quentin Spratt, managing director and major shareholder in the Rite-Vent buyout, said: "Rite-Vent has been owned for the past seven years by a venture capitalist and we firmly believe that the company will now benefit from this buy-out.

"We have the full support of our staff, workforce and customers both in the UK and in overseas markets. Indeed, a number of our overseas customers and one of our major suppliers have invested in the buy-out."

Rite-Vent is one of the North-East's top 100 companies. Based at a 106,000sq ft factory on Crowther Road, Washington, it exports 45 per cent of its production overseas.